Metro Vancouver gas prices could hit $2.30 per litre by May: analyst

As the price at the pump seems to creep up day after day, one gas analyst believes Metro Vancouver drivers could be paying up to $2.30 per litre of regular by the May long weekend.

GasBuddy chief petroleum analyst Patrick De Haan tells CityNews the upward trend much of the Lower Mainland has seen will continue.

“The average is now $1.81 a litre — up by another four cents in the last week, and we could be headed well above that $2 a litre mark in the next week or so,” he said Thursday.

In Vancouver specifically, De Haan explains the average price for a litre of regular gas increased by five and a half cents in the last week.

“We certainly could go up to about $2.25 or $2.30 a litre before all is said and done,” he added.

“All of this is happening as we’re making the transition over to summer blends of gasoline. The Parkland Refinery has been down for the last couple of weeks but has been returned to service, so that has made a dent in the supply of that summer gasoline.

“And demand is starting to go up as well as we start to see a little bit warmer weather.”

De Haan believes these factors are “always” what lift prices over the spring, adding, ‘this spring is no different.”

“The good news is that prices should end their increase here by Victoria Day.”

He acknowledges, however, that an extra 20 to 30 cents per litre is a big figure, and is hoping the price at the pump drops after the long weekend.

“Part of the problem right now is refineries have been doing this maintenance work, which has been limiting supply. But, once that work is done here in the next four to six weeks, we should start to see supply increasing and that should help prices start to moderate by May long.”

While De Haan isn’t expecting any record-breaking prices, he does note that the federal carbon tax is increasing in just over two weeks, “which may have an impact as well.”

–With files from Srushti Gangdev