'Supply crunch': Metro Vancouver gas prices reach all-time high
CTV
Prices at many Metro Vancouver gas stations remain at an all-time high Monday, after breaking records across the region over the weekend.
Prices at many Metro Vancouver gas stations remain at an all-time high Monday, after breaking records across the region over the weekend.
Several stations across the region reached 180.9 cents a litre Sunday and the punishing prices are expected to persist.
The previous record of 176.9 per litre was set last week.
To put that into perspective, drivers in the Greater Toronto Area are paying an average of $1.60 per litre.
Gas analyst Dan McTeague expects prices to climb even higher by the end of the month and with tensions between Russia and Ukraine he predicts gas could spike to $2 per litre.
“That’s because there would be a risk, a war premium at a time when Russia is still the third largest producers of oil behind the United States and Saudi Arabia,” said McTeague.
McTeague says the jump in price is due to a number of factors, including the increasing price of oil.
