‘Fill up now’: Gas prices likely to keep surging in Metro Vancouver, analyst warns

Drivers in Metro Vancouver are beginning the week with another surge in gas prices.

After a brief period of relief at the pumps, gas prices are edging back up in Metro Vancouver—and one analyst warns the surge is likely to continue over the coming days.

A number of stations were charging around 216 cents per litre Monday morning, a significant jump from late last week when some drivers were able to fill up for around 196 cents per litre.

Dan McTeague, president of Canadians for Affordable Energy, expects prices to climb higher this week amid ongoing uncertainty in the Middle East.

“If nothing else should change then that 215, 216 you’re seeing will be more like 222, 223,” McTeague said. “I know it’s very uncomfortable, but fill up now because it’s likely to go a little higher by week’s end.”

Analysts have blamed price volatility on the ongoing war between the U.S., Israel and Iran, which has no clear end in sight.

On Monday morning, U.S. President Donald Trump threatened on social media that his military would ramp up attacks on Iranian energy infrastructure if a deal is not reached “shortly” that would include the reopening of the Strait of Hormuz.

Trump also said the U.S. is in “serious discussions” to end the conflict—a claim Iranian officials denied shortly after.

McTeague said the market reacted to similar claims from Trump last week, but has grown skeptical after the president’s statements regarding the conflict have “turned out to be incorrect.”

“I think the markets are discounting what Trump has got to say,” the analyst said.

“It’s really hard for markets to figure out what is going on. What’s very clear is that the world is draining its reserve supply of oil.”

With files from CTV News Vancouver’s Yasmin Gandham