Monday, June 24, 2024

Victoria gas prices soar to record-breaking 194.9 cents per litre


It’s another record high for Greater Victoria, as gas prices climb and hit 194.9 cents per litre at some service stations Wednesday.

That’s up over 17 cents from just yesterday, when the average price for fuel around town was 176.9 cents per litre, as reported by the Canadian Automobile Association.

It also beats the previous record set on February 16th, when prices soared to 179.9 cents per litre in BC’s capital – an “unprecedented” figure according to Dan McTeague.

At the time, the Canadians for Affordable Energy president and gas price analyst told Victoria Buzz that locals had never before seen that price for fuel.

But motorists were warned another jump was likely, considering the ongoing crisis between Russia and Ukraine. That’s because Russia is the world’s third-largest oil producer, making up 11% of the global share.

“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,” added McTeague.

During a Friday press briefing, BC Premier John Horgan touched on gas prices and warned that a “challenging summer” was ahead, especially with international supply chain disruptions in play.

However, Horgan noted that the BC Utilities Commission is obliged to ask providers of petroleum products their rationale behind their pricing.

“The providers of gasoline have to prove that they’re not just gouging because they see an opportunity,” he explained, “but they’re increasing the cost of gasoline because of inputs that are out of their control.”

Horgan also pointed to public transit as a solution for those who can’t afford to fill up their tank, adding, “In our urban centres, [we have] sophisticated public transit systems that are options if prices become too unaffordable in the short-term.”

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