Gas prices in Lower Mainland have ‘peaked’ already: analysts

Analysts say gas prices in the Lower Mainland are not likely to soar again in the near future.

After a litre of regular gas rose approximately 20 cents in less than a week —to $2.20 in some areas— analysts at GasBuddy say the summer looks stable, and drivers shouldn’t expect any more record highs.

“With more confidence every day, it appears the spring top is in: average gas prices have started to cool off in many areas. For now, few [North] Americans need to worry that gas prices are going to skyrocket; the risk appears to be behind us, with relief coming in the weeks ahead,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

“Canadians should be optimistic that this summer will be very similar to last year, in line with our early 2024 expectations and likely not featuring record gasoline prices.”

Prices Monday are 30.9 c/L higher than the same day one year ago, and 16.2 c/L higher than last month.

The national average has increased 11.5 c/L during the last month and stands 12.7 c/L higher than April 29, last year.