Vancouver gas prices climbing ahead of ‘seasonal spike’: experts
Posted January 6, 2025 2:13 pm.
Experts are warning that gas prices in the Lower Mainland are on their way up after oil prices surged to their highest level in months.
A report by GasBuddy says drivers can expect slight increases in the coming weeks before a seasonal high predicted for February.
GasBuddy says prices have risen by 4.7 cents per litre in the past week, reaching 176.58 cents per litre on average Sunday. Some stations around the Lower Mainland listed regular gas for $1.80 Monday morning.
“Oil prices have surged to nearly $74 per barrel, the highest level in months, driven by optimism that China’s recent economic policy shifts could boost oil demand, leading to one of the largest weekly climbs in Canadian gas prices in months,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
“While the national average dipped below $1.47 per litre for a few days in recent weeks, those days are likely behind us. Trends point to continued slight increases at the pump in the weeks ahead, before the largest seasonal spike begins in mid-to-late February.”
The report says prices were 8.6 cents per litre higher than they were on the same day last year. Nationally, the average price has increased by 10.8 cents per litre from the same day last year.
