Oil & Gas

28 Feb 2022

Metro Vancouver Gas Prices Set Another Record

28 Feb 2022  by   
Gas prices hit another record high in Metro Vancouver on Saturday, a development analysts have attributed to the sanctions placed on Russia in retaliation for its invasion of Ukraine.


Some stations in the region were advertising a litre of regular gasoline for 183.9 cents per litre, one cent higher than the previous record set earlier this month.

This weekend's records likely won't be the last, with Russia's invasion ongoing and the provincial carbon tax set to rise on April 1.

The underlying cost of oil is also a major factor in the recent surge in prices. While oil prices started the year around US$74 per barrel, they have since risen to more than US$90.

Industry analyst Dan McTeague, president of Canadians for Affordable Energy, told CTV News earlier this month that surging demand as the Omicron wave of the COVID-19 pandemic wanes has led to a supply crunch, driving prices up.

At the time, McTeague predicted gas in Vancouver could hit the $2-per-litre mark as the supply crunch and the Ukraine crisis continue.

The conflict has also driven up the prices of other commodities, including wheat, barley and soy. And high oil prices often lead to higher prices for consumer goods, as retailers pass on increased transportation costs.


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