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Gas prices jump 12 cents a litre in Greater Victoria

Pump prices shot up by 12 cents a litre to $2.099 at some service stations Tuesday — a big leap, but still off the record $2.169 seen in March.
Gas prices at some stations in Victoria leapt to $2.099 a litre on Tuesday, May 3, 2022. ADRIAN LAM, TIMES COLONIST

The price of gas rocketed in Greater Victoria on Tuesday.

Pump prices shot up by 12 cents a litre to $2.099 at some service stations. Many others were changing their signs by late afternoon.

It was a shocking leap, but still off the record of $2.169 in early March.

Pump prices have retreated and spilled over the $2-a-litre mark since the Russian invasion of Ukraine and the economic sanctions that have followed, disrupting supplies of oil and gas from one of the world’s largest producers.

Analysts said the price of crude oil has been steadily rising, providing upward pressures on gasoline.

In December, Victorians were paying $1.526 a litre, and it has climbed since.

In March, the province said drivers will get a one-time fuel rebate to offset the price at the pump.

Most drivers with a basic auto insurance policy in February will receive a $110 payment, while commercial drivers will get a rebate of $165.

The rebates will cost taxpayers $395 million.

Those eligible are expected to get the payment this month through direct deposit with ICBC or receive a cheque in June.

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