Metro Vancouver’s higher gas prices will be short-lived: analysts

There’s been a bump at the pumps with gas prices a little higher around the Lower Mainland on Monday, but experts expect the higher prices to be short-lived.

According to GasBuddy.com, the average price of a regular litre of gas rose three cents in the last week, for an average of 177.29 c/L on Sunday.

“The Canadian national average price of gasoline has returned to a slight climb over the last week as Iran’s attack on Israel has slowly funneled to the gas pump, as expected. For now, while Hurricane Milton has left a third of all stations in Florida without gas, the storm itself is not impacting prices,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

“With oil prices recently starting to fall again, the rise in prices we saw last week could end before you know it.”

Including the rise in prices over the last week in Vancouver, prices on Sunday were just 1.5 c/L higher than the same day in 2023. Prices are 2.9 c/L higher than one moth ago, GasBuddy explains, with the national average also increasing by almost five cents per litre of regular gas.

On Sunday, the price of a litre of regular gas was 163.48 c/L in Abbotsford, up 5.4 c/L from last week’s 158.04 c/L. In Victoria it was 173.59 c/L, up 4.1 c/L from last week’s 169.50 c/L.

Meanwhile, the average price across British Columbia was 169.38 c/L, up 2.7 c/L from last week’s 166.63 c/L.