(Black Press Media)

Gas stations could push to 167.9 cents a litre this week

Analyst says high prices are due to supply and demand

Gas prices continue to remain at an all-time high for Greater Victoria with the average cost sitting at about 161.8 cents per litre as of Wednesday afternoon.

GasBuddy.com senior analyst Dan McTeague says people in the area could see some gas stations push prices to about 167.9 cents per litre this week.

McTeague said companies are paying about 1.55 cents a litre to purchase gas so selling it any lower would mean losing a lot of money.

READ MORE: Horgan heckled as gas prices sit at record high, could go up more

The high prices, according to McTeague, are due to a large demand but not enough gas to meet it.

“We’re an Island and we don’t have enough to make up what we need,” McTeague said. “We can’t have 80 per cent of people suddenly abandon modes of transportation, your economy would come to a standstill including the ferries.”

Halted plans on the Trans-Mountain Pipeline expansion are also at the root of the high gas prices, McTeague said.

He said the expansion is not just about building a brand new line dedicated to oil, it’s also about expanding the existing pipeline by 50,000 barrels a day.

Some Canadians are paying as much as 40 cents a litre more than the average for gas at the moment according to McTeague.

READ MORE: John Horgan says spike in gasoline prices is profit-taking, not taxes

“It’s affecting people’s decisions to take vacations, they’re having to choose between fuel and groceries, it’s a very serious matter,” McTeague said.

Premier John Horgan said with the fall election campaigns coming up, political parties should have more concern about the travelling public in B.C.

He said he would raise the issue with the prime minister the next time he has the opportunity to do so.

On Wednesday afternoon, the average gas price for Greater Victoria was at 161.8 cents per litre. The last highest recorded average gas price in the area was 147.2 cents per litre in July of 2008.

The gas station with the lowest price — at 158.9 cents per litre — was Costco in Langford according to GasBuddy.com.

The website shows reports of some stations charging 165.9 cents per litre as of Wednesday morning as well while further up the Malahat gas is hovering around 156.9 cents per litre.

shalu.mehta@goldstreamgazette.com


Like us on Facebook and follow us on Twitter

Just Posted

Sidney Museum’s Chief Dan George exhibition sees surge of interest

Four mayors, federal Green leader, Tsartlip reps to attend June 21 opening ceremony

Belgian man searches for family of fallen First World War soldier from Victoria

Mark Edward Berton attended Victoria High School and has his grave in Flanders Field

Saanich preschool celebrates 30 years with reunion event

Thousands invited RSVP for Carrot Seed Preschool 30-year celebration

Oak Bay artist co-op highlights autobiographical Snapshots showcase

Snapshots runs from June 4 to 22 at Gage Gallery, 2031 Oak Bay Ave.

Reignited embers damage Saanich house in Sunday morning fire

Fire started at around 8:30 a.m. in bucket filled with ashes placed on balcony

REPLAY: The best videos from across B.C. this week

In case you missed it, here’s a look at the replay-worth highlights from this week in the province

Mistrial declared in Jamie Bacon murder plot trial

Bacon was on trial for counselling to commit the murder of Person X

B.C. VIEWS: Money-laundering melodrama made for TV

Public inquiry staged to point fingers before 2021 election

Canadian homebuyers escaping high housing costs by moving to secondary cities

In British Columbia, exurbs have grown in the Hope Valley and Kamloops

Feds lay out proposed new rules for voice, video recorders in locomotives

Transport Canada wants to limit use of recorders to if a crew’s actions led to a crash

Raptors beat Bucks 100-94 to advance to franchise’s first-ever NBA Finals

Leonard has 27 points, 17 boards to lead Toronto past Milwaukee

Third person charged in death of B.C. teen found in torched SUV

Inderdeep Kaur Deo facing charge of accessory after the fact to murder

Kamloops girl, 9, recovering from carbon monoxide poisoning now out of ICU

Her mother who was sleeping in the same tent with her did not survive

‘I think he’s still alive’: B.C. mom pleads for help finding son last seen a month ago

Family offering $5,000 reward for information leading to the safe return of Tim Delahaye

Most Read