(Black Press Media)

Gas stations could push to 167.9 cents a litre this week

Analyst says high prices are due to supply and demand

Gas prices continue to remain at an all-time high for Greater Victoria with the average cost sitting at about 161.8 cents per litre as of Wednesday afternoon.

GasBuddy.com senior analyst Dan McTeague says people in the area could see some gas stations push prices to about 167.9 cents per litre this week.

McTeague said companies are paying about 1.55 cents a litre to purchase gas so selling it any lower would mean losing a lot of money.

READ MORE: Horgan heckled as gas prices sit at record high, could go up more

The high prices, according to McTeague, are due to a large demand but not enough gas to meet it.

“We’re an Island and we don’t have enough to make up what we need,” McTeague said. “We can’t have 80 per cent of people suddenly abandon modes of transportation, your economy would come to a standstill including the ferries.”

Halted plans on the Trans-Mountain Pipeline expansion are also at the root of the high gas prices, McTeague said.

He said the expansion is not just about building a brand new line dedicated to oil, it’s also about expanding the existing pipeline by 50,000 barrels a day.

Some Canadians are paying as much as 40 cents a litre more than the average for gas at the moment according to McTeague.

READ MORE: John Horgan says spike in gasoline prices is profit-taking, not taxes

“It’s affecting people’s decisions to take vacations, they’re having to choose between fuel and groceries, it’s a very serious matter,” McTeague said.

Premier John Horgan said with the fall election campaigns coming up, political parties should have more concern about the travelling public in B.C.

He said he would raise the issue with the prime minister the next time he has the opportunity to do so.

On Wednesday afternoon, the average gas price for Greater Victoria was at 161.8 cents per litre. The last highest recorded average gas price in the area was 147.2 cents per litre in July of 2008.

The gas station with the lowest price — at 158.9 cents per litre — was Costco in Langford according to GasBuddy.com.

The website shows reports of some stations charging 165.9 cents per litre as of Wednesday morning as well while further up the Malahat gas is hovering around 156.9 cents per litre.

shalu.mehta@goldstreamgazette.com


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