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Vancouver-area gas prices set to surpass record

Metro Vancouver drivers should gear up for more pain at the pump this week with gas prices set to shatter an all-time high, according to an industry analyst. Gas prices across the region have been climbing steadily in recent weeks.
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Gas was priced at 154.9 cents per litre at Petro-Canada gas station in Vancouver on Sunday. The price is one cent away from the all-time high of 155.9 cents/litre.

Metro Vancouver drivers should gear up for more pain at the pump this week with gas prices set to shatter an all-time high, according to an industry analyst.

Gas prices across the region have been climbing steadily in recent weeks. On Sunday, most gas station prices were in the $1.49 to $1.53 per litre range, with some hitting $1.54.9 per litre — inching closer to the record of $1.55.9 set in June 2014.

“That record is likely to be broken this week,” said GasBuddy analyst Dan McTeague.

The average price was nearing $1.53 per litre, up more than 21 cents from last year’s average of $1.31 per litre.

“The Lower Mainland has a chronic lack of supply and it’s not going to go away,” McTeague said. “If anything, temporary shortages or demand spikes or anything happening south of the border means we are more susceptible here.”

A 2018 outlook report by GasBuddy predicted prices hitting $1.60 per litre sometime in the summer. That prediction is “now moving into the area of likelihood rather than speculation,” said McTeague.

“We’re definitely on track to see that happen.”

Factors for the price spike include: a hike in B.C.’s carbon tax on April 1; the temporary closure of some refineries in Washington, which will cramp supply; and North American refineries switching from their winter fuel blends to the more costly summer blend, which usually adds three to four cents a litre from April to September.

Metro Vancouver has the most expensive gas prices out of all major cities in North America, said McTeague.