Gas prices in Vancouver are already some of the most expensive in the country. For comparison, gas in Vancouver today is around $151.9/litre. In Toronto, gas prices are currently as low as $106.9/litre, according to GasBuddy. Unfortunately for Vancouverites, the high prices of gas are forecasted by experts to continue soaring. Vancouver gas prices are expected to hit $1.60/litre and continue to be the "new normal" price for several months.
This weekend, Vancouverites saw gas prices rise to around $149.9/litre, some of the highest prices seen in the city in 2019. Now, expert Dan McTeague from Gas Buddy is saying that prices will continue to rise for a number of months, and Vancouver can expect to pay a lot for gas until October or November 2019. This means that this expensive stretch of gas prices will last through spring, summer and even go into fall.
"We're heading towards $1.60 a litre unless something dramatic should happen like a global recession," McTeague told CTV News in an interview. "Otherwise, look for $1.60 to be the new normal for the next several months, at least until October or November."
Gas expert McTeague says that not only does Vancouver have the highest gas prices in the country, but also in the continent. "You're paying the highest prices of any city in North America, the higher taxes certainly don't help the situation," he said. The national gas average is $1.15 a litre, says McTeague.
Taxes are one of the big reasons why gas prices are so high in the city. The Canadian Taxpayers’ Federation told CTV News that taxes for gas are $0.51 when gas already costs $1.60.
Not only that, but even more taxes will be added onto gas prices this spring. Gas prices will increase even more in Vancouver due to the carbon tax, as well as the TransLink tax.
"If we got rid of the B.C. carbon tax, got rid of the federal excise tax, and got rid of the GST, which is a tax on tax -- you'd save around 25 cents per litre," CTF spokesperson Kris Sims said.
Unfortunately, the rising gas prices will affect Vancouverites in other ways than just what they have to pay when pumping gas. Groceries, consumer goods, air travel, and more are all affected when gas prices increase.
Brace yourselves Vancouver, it looks like it's going to be an expensive spring and summer.
Source: CTV News