Where will Metro Vancouver gas prices go in 2024?
Posted December 25, 2023 7:12 am.
Last Updated December 27, 2023 7:29 am.
As the cost of living continues to put pressure on budgets across Metro Vancouver, many are looking for some relief — including at the pumps.
So what does 2024 have in store when it comes to gas prices?
There’s no crystal ball, and several factors like refinery issues and the weather have the potential to push prices up. However, Patrick De Haan, the head of petroleum analysis at GasBuddy, is optimistic.
“Overall, if you take out the highs and lows, I think we’re going to average, in 2024, a little bit lower than what we averaged in 2023,” De Haan said.
He says there may be brief moments when the price for a litre of regular will creep up past the two dollar mark, but he doesn’t anticipate that being a trend, nor does he expect this to be a record-setting year.
“It’s possible that we may not get to that level if there are no refining issues this year, as we get back closer to normal, right? There have been shockwaves from the COVID pandemic, from also Russia’s war in Ukraine. There are some Middle East tensions to keep in mind for this year but so far there have been a lot of diplomatic efforts to reduce that risk,” he explained.
“Back in 2022, we saw the average hit $2.40 a litre, some stations were hitting $2.40. But I don’t think we’re going to see a repeat of that.”
De Haan notes we’re getting more breathing room when it comes to refinery capacity, which can be a benefit.
“The other piece of news as well to keep in mind is the price of oil and the twinning of the Trans Mountain pipeline is something to watch,” he added.
De Haan is warning seasonal jumps are still expected from spring into summer as demand picks up.
