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You'll likely pay even more for gas come the summer: analyst

Last Updated Mar 18, 2018 at 10:38 am PST

(iStock Photo)

As we near the record for gas prices in BC, an analyst says it's likely you'll pay even more come the summertime

Higher taxes, a lack of supply, and a growing market are some factors that contribute to rising gas prices: analyst

VANCOUVER (NEWS 1130) – There isn’t any relief in sight for British Columbians at the pump as gas prices continue to soar. With prices topping just over $1.50 in Vancouver right now, a gas analyst believes you will likely be paying even more come the summertime.

Dan McTeague with GasBuddy.com says “the sky is the limit” when it comes to just how much gas prices can rise in the near future.

“Frankly with higher taxes, with a lack of supply, a lack of available, new opportunities for supply to come into the market, and a growing market, it’s likely that we’re going to continue to see upward pressure on gas prices.”

McTeague suggests filling up on the weekends –when gas is a little cheaper– or driving across the border to buy your fuel in the US as prices continue to climb.

“The change over starts to take place in the next couple of weeks, that will lead to a price increase which will be cemented in place really until about the middle part of September. But summer driving, of course, will extend that and that’s why $1.60 will be easily achieved in the not-too-distant future.”

BC’s new carbon tax kicks in on April 1st, which McTeague says won’t help with rising costs. “You’re also going to see, around that time, between the 1st and the 15th of April, the introduction of summer blends of fuel, which usually adds three to four cents a litre. That’s right across North America. It does cost refiners a lot more money to produce less volatile gasoline that will not become susceptible to higher temperatures and engine issues. So the changeover starts to take place in the next couple of weeks, that will lead to a price increase.”

He says that increase will last until about September, and estimates some relief at the pumps in October or November.

The record for gas price in this province is around 1.55 per litre, which hasn’t happened since June of 2014.