Vancouver's Gas Prices Skyrocket by 12 Cents!

Over the last week, gas prices in Metro Vancouver have seen a surprising spike, rising by an average of 12.6 cents per litre. As of Monday morning, many gas stations are posting prices around $1.83 per litre, with a survey revealing an overall average of $1.76 per litre as of Sunday.

California's Refinery Shutdown: A Major Factor!

Experts from GasBuddy.com point to an impending shutdown of a refinery in California as a significant contributor to this price surge. Patrick De Haan, a leading petroleum analyst with GasBuddy, confirmed that the majority of provinces in Canada experienced rising gas prices last week, with British Columbia experiencing some of the most notable increases.

Hope on the Horizon: Potential Price Relief!

Despite the current hike, De Haan suggests that relief may be on the way. He notes that with the seasonal switch to winter gasoline just around the corner, there could be a decrease in prices later this month—especially if oil prices stabilize and regional problems begin to clear up.

OPEC+ Set to Impact the Market!

In a positive development, OPEC+ has announced plans to increase oil production starting in October, which could contribute to keeping oil prices lower for a more extended period.

Yearly and Monthly Comparisons!

As a point of reference, gas prices in Vancouver are currently 3.1 cents higher than the same day last year and up 9.1 cents from just one month ago. Stay tuned for more updates as the situation evolves!