Vancouver gas prices jump ten cents in a week
Posted November 25, 2024 8:54 am.
Last Updated November 25, 2024 8:57 am.
Average gas prices in Vancouver have risen almost ten cents per litre in the past week.
According to GasBuddy’s daily survey of 427 gas outlets around the city, Vancouver’s pumps are averaging 177.24 cents per litre.
The price marks an average rise of 9.7 cents per litre, compared to a national average rise of 1.8 cents per litre in the last week.
GasBuddy’s head of petroleum analysis, Patrick DeHaan says prices have likely plateaued, though they won’t be getting any lower. He says that gas prices typically bottom out in November and December — a point the region may have already passed.
“And that’s really due to lower gasoline demand as temperatures cool off, coast to coast, Canadians and Americans alike. North America sees less demand for things like gasoline,” DeHaan explained.
He says recent price hikes are in part due to with the war in Ukraine.
“Russia launching an ICBM into Ukraine, Russia being a major oil producer. That does change the risk calculus. And as a result of those escalations, oil prices now have moved back north of $70 a barrel.”
DeHaan says the value of the Canadian Dollar also makes a difference.
“What Canadian consumers pay when that currency weakens, it certainly does make things more expensive.”
As for prices in the coming days, DeHaan says there could be some “additional volatility” based on conflict in Ukraine and the Middle East, and the changing dynamic of the U.S. presidential administration, but GasBuddy predicts that prices will mostly remain stable.
“While demand for gasoline continues to weaken as temperatures continue to fall, we could eventually see relief return, but for now, I believe prices should hold close to where they currently stand,” said DeHaan.
Relief in prices, he says, will likely come in the new year.
“There could be another window of opportunity for lower gas prices in January, February, simply because demand for gasoline tends to be among the lowest over the course of the year, when the temperatures are at their lowest.”
—With files from Mike Lloyd
