Metro Vancouver gas prices spike following pipeline explosion
Posted October 12, 2018 5:49 am.
Last Updated October 12, 2018 9:33 am.
This article is more than 5 years old.
METRO VANCOUVER (NEWS 1130) – Drivers in Metro Vancouver are now directly feeling the effect of the natural gas pipeline rupture and explosion north of Prince George, with gas prices jumping to just under $1.62 per litre at many stations.
There are predictions the price at the pump will hit an all-time high here over the weekend.
It’s $1.619 at several stations in Vancouver Friday morning. Analyst Dan McTeague says the ride isn’t done yet. He says with natural gas supplies tight, refineries in the region which rely on it to power their production have cut their output — and that has pushed up wholesale prices.
McTeague says that will remain the case until Enbridge can repair its natural gas line.
“Until it’s restored, we’re going to continue seeing higher prices. Of course, it’s not over — there’s still another two-cent per litre increase coming tomorrow. So, $1.619 today, $1.639 likely tomorrow at most gas stations. That would put at an all-time record.”
Gas prices hit $1.619 per litre at many pumps in Metro Vancouver on Oct. 12, 2018. (Richard Dettman, NEWS 1130 Photo)
But he expects this spike will only be temporary. “Once this natural gas pipeline is resolved and re-pressurized, then I think you will likely see prices drop as dramatically as they went up.”
He adds it will take about 48 hours after the fix for prices to come back down.
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Enbridge and FortisBC hasn’t given any timeline on when the problem will be resolved.
The latest statement from FortisBC, issued Thursday night, said some industrial customers are being gradually brought back online. That includes, it says, some large multi-family highrises which have seen heat and hot water cut.
“FortisBC is receiving a reduced gas flow—approximately 40 per cent of our normal capacity—while Enbridge makes repairs to its system. Until the situation is resolved, we are asking all our customers to continue avoiding non-essential use of natural gas.”
Keep up to date with gas prices across Metro Vancouver by following @1130gastracker on Twitter.
