Gas prices in Greater Victoria have reached a record high and there’s no relief in sight, according to a gas price analyst.
“It’s unprecedented. It’s a record,” Dan McTeague, president of Canadians for Affordable Energy told Victoria Buzz.
“We’ve never seen this price for fuel in Victoria.”
McTeague, who also shares gas price data to his website, GasWizard.ca, predicted Wednesday prices would soar to 179.9 cents per litre in BC’s capital.
And his prediction was correct.
GasBuddy finds some Victoria gas stations are now charging 179.9 cents per litre—up nearly 15 cents from Monday, when the city’s average was 165.9 cents per litre, according to the Canadian Automobile Association (CAA).
It’s something that’s fueling frustration in locals, prompting a lengthy Reddit discussion with hundreds of online reactions and comments.
When it comes to rising prices at the pumps, McTeague blames the cost of oil. He says oil’s about a third more expensive now than it was this time last year.
“And gasoline is in for the ride as well,” he said.
“Gasoline relies on the value of oil, and oil supply is limited. That’s not going to change anytime soon. I don’t see a scenario where prices are going to get a whole lot cheaper.”
Looking to the future, McTeague thinks the “new normal” for gas prices in Victoria will be in the $1.70 per litre range or higher, with the rest of Vancouver Island likely seeing $1.60 per litre plus.
Nationwide, CAA currently lists BC as the most expensive province to fill up your gas tank, followed by Newfoundland and Quebec.