Metro Vancouver gas prices could jump this week: analyst

For several days now, gas prices around Metro Vancouver have been slowly creeping up.

GasBuddy says the average price for a litre of regular gas has risen roughly seven cents, while the national average last week went up less than two cents.

However, drivers are being warned they could be in for even more sticker shock.

GasBuddy says that with Israel and Iran trading attacks, oil prices have surged to levels not seen in months, which could lead to higher prices.

“For now, I expect gasoline prices in Canada could rise by 5 to 10 cents per litre, while diesel could climb 10 to 15 cents per litre in the coming days,” explained Patrick De Haan, head of petroleum analysis.

He adds there’s also a double whammy for drivers in B.C.

“Still, the West Coast has been affected by refinery developments in California. It had some relief, now it’s a bit of the opposite. Some of those additional supplies that were coming into the West Coast have slowed down a bit, now coupled with the fact that oil prices are making a strong advance,” he explained.

“California and the West Coast are a little bit more beholden to the global price of oil because much of the oil on the West Coast does get imported from the Middle East.”

The upside is that he expects some relief next week for the Lower Mainland, but doesn’t know by how much of a drop drivers can expect. De Haan also says his crystal ball is too murky right now to predict what prices will look like over the summer, but stresses people can expect more of this, a lot of up and down.

De Haan adds that the increase of five to 10 cents is modest and suggests you should be prepared for the situation to “worsen quickly” depending on what happens overseas. Keep in mind, ongoing wars between Russia and Ukraine and Israel and Hamas also play a key role.

Tensions between Israel and Iran are a focal point as world leaders meet at the G7 summit, which got underway in Alberta on Monday.

British Prime Minister Keir Starmer says the conflict will be a “centrepiece” of the talks hosted by Prime Minister Mark Carney. Starmer adds that the G7 will give leaders a chance to make a strong case for de-escalation.

Carney spoke one-on-one with United States President Donald Trump, likely around the trade war instigated by the Americans soon after Trump won the White House.

However, De Haan says ending the trade war won’t necessarily help gas prices.

“It will probably hurt gas prices because it means potentially with the trade deal with the countries on the same page, it paves the way for more economic growth which would mean more oil, gasoline, diesel, and jet fuel consumption — not less.”

Meanwhile, a host of other topics will also be discussed, including safety, economic growth, fortifying supply chains for minerals, and artificial intelligence.