Gas prices expected to smash record high in Metro Vancouver

Gas prices could hit record highs A leading analyst has crunched the numbers and the price of gasoline is about to skyrocket into new territory in 2022.

A leading analyst predicts the average price of gasoline in Metro Vancouver will hit 171.9 cents per litre by Thursday, two cents shy of the record high.

It’s also a lot higher than the price was around this time last year, at 128.9 cents per litre.

But this week’s jump is just a small bump in what’s expected by to be a huge spike in the cost of filling up in the coming months.

Oil is making a comeback. Increased demand, and lower production particularly in the United States, is pushing up the price of a barrel, according to Dan McTeague, president of Canadians for Affordable Energy.

“The rest of the world is behind and there are problems with oil production in places like Mexico. Venezuela has a serious problem with its production,” McTeague said.

That’s why he figures the average price in Metro Vancouver will hit 185 cents per litre by March or April.

“This would be of course new territory, and for many people quite the shock,” said McTeague.

Higher fuel costs generally impacts the cost of travel and everyday goods.

In July 2021, the average price of fuel in Metro Vancouver hit a high of 173.9 cents.