Vancouver gas prices shoot up heading into the weekend

Pumping Gas / Shutterstock

If you think you noticed some gas price increases this morning, you’re not imaging things. Gas in Vancouver shot up four cents a litre overnight from an average of $1.17 a litre to $1.21 a litre, where it will remain for the duration of the weekend.

Dan McTeague with tells Vancity Buzz the spike in prices is largely due to trader speculation south of the border.

Gasoline pump gas fuel / Shutterstock

SEE ALSO: Vancouver now has the highest gas prices in North America

“That can be attributed to a sense among speculators and traders that there was a disappointing draw in gasoline inventories across the United States,” he says. “Right now Americans are taking back to their cars and driving like never before – in fact, they are year-over-year breaking records and increasing fuel demand by three to four per cent.”

McTeague says the United States is a heavy influencer on Vancouver gas prices, since much of our gasoline comes from Washington State.

“What happens down there really does matter to us in terms of the price we pay at the pumps.”

McTeague adds he doesn’t expect anymore increases in the foreseeable future, but he’ll have a clearer picture by Wednesday or Thursday.

For the record, the cheapest gas in the Metro area is available at the Costco at 2370 Ottawa Street in Port Coquitlam – their gasoline is priced at $1.09 per litre.

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Lauren Sundstrom Lauren is a Staff Writer and Projects Assistant at Vancity Buzz. She is a graduate of BCIT's Broadcast and Online Journalism program. She loves reporting on breaking news and lifestyle content. If you feel like you have a story that needs to be told, fire her a tweet.

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