Gas prices in Metro Vancouver could rise by up to 7 cents by Monday: analyst

Gas prices are staying well over $2 a litre throughout the Lower Mainland, and the cost to fill up is expected to keep climbing.

Gas prices across Metro Vancouver could rise by a further five to seven cents per litre by Monday, according to GasBuddy.

It comes as oil infrastructure continues to be damaged during the ongoing Middle East conflict.

“Another five to seven cents is very much on the table over the next several days, possible realizing that price point as early as Monday,” Gasbuddy petroleum analyst Matt McClain told CTV News on Friday. “Until the missiles stop flying and we get more long term solutions, we won’t stop at that five to seven cent price increase.”

The dramatic rise in gas prices in recent weeks has prompted Premier David Eby to muse about the possibility of increasing Canadian refining capacity.

“Given global events, and our continued advocacy for consideration around additional refinery capacity for Canada, so that we’re able to withstand and ensure that we have a safe and secure supply,” Eby said on Tuesday at an unrelated news conference.

Energy-sector advocates question who would invest in a new oil refinery under an NDP government whose CleanBC strategy explicitly seeks to reduce emissions, including at one point through electric-vehicle mandates.

“That’s sending a message to potential investors who don’t count on being able to sell gasoline in the long term into British Columbia,” said Barry Penner with the Energy Futures Institute.

He noted it would cost in the range of $15 billion to construct a new refinery. “That’s one factor investors might look at. Is there going to be a likely return on your money over the long term?”

Regardless of where experts or politicians stand on the refinery issue, one thing is clear: there is no short-term fix for this spike in gas prices, and no clear end to the Middle East conflict pushing those costs even higher.