Greater Victoria gas prices expected to hit record high
The price of gasoline on Vancouver Island is expected to jump again this week, with potentially record-setting fuel costs projected before the weekend.
The average price for a litre of regular gasoline in the Greater Victoria region hit 216.3 cents on Wednesday, according to price-tracking website GasBuddy.com.
Similar prices were measured across the island, with average prices hitting 208.9 cents in Nanaimo, 210.8 cents in the Cowichan Valley, and 213.5 cents in Campbell River, B.C.
But according to gas price-prediction website GasWizard.ca, average fuel prices could reach a record-setting 239.9 cents per litre on Thursday.
Greater Victoria's current record price was set on June 6, when prices at the pump topped out at 234.9 cents a litre. Two months earlier, B.C. Premier John Horgan announced a one-time rebate for drivers coping with climbing fuel prices.
Analysts say the high prices are due to tight supply as a major pipeline and a refinery on the West Coast undergoes maintenance.
"We're entering obviously very new territory, which most have really not expected, given that we've seen oil climb down from its heights back in June of $115 to $120 a barrel," said Dan McTeague, an analyst from Gas Wizard.
Premium fuel in the Victoria area is expected to jump as high as 258.9 on Thursday while diesel is projected to reach 201.9 cents per litre.
"The weakness in the Canadian dollar isn't helping consumers. We've lost about four cents a litre in purchasing power," added McTeague.
Earlier this month, the province announced new temporary increases to a pair of provincial tax credits in an effort to ease the pain of "unprecedented inflation," the premier said.
Horgan cited the COVID-19 pandemic and Russia's invasion of Ukraine as contributors to the high cost of living in the province.
"With rising costs spurred by global inflation, I understand that families’ ability to budget is made more challenging when they see price fluctuations at the pump," B.C. Energy Minister Bruce Ralston said in a statement to CTV News.
The provincial government continues to monitor the ongoing maintenance issues at refineries and resulting price hikes, he added.
"That’s why we have given the [B.C. Utilities Commission] power to look into secrecy in pricing and why we are also helping people deal with higher costs right now," Ralston said.
With files from CTV News Vancouver's Regan Hasegawa
CTVNews.ca Top Stories
BREAKING Shooting outside of Drake's Bridle Path mansion, 1 person seriously injured: source
Toronto police are investigating a shooting that took place outside of Drake’s Bridle Path mansion early Tuesday morning, a source tells CP24.
Canadian cadets rock mullets and place second at U.S. military competition
Sporting mullets, Canadian Armed Forces officer cadets placed second in an annual military skills competition in the U.S.
'It looked so legit': Ontario man pays $7,700 for luxury villa found on Booking.com, but the listing was fake
An Ontario man says he paid more than $7,700 for a luxury villa he found on a popular travel website -- but the listing was fake.
Your body needs these three forms of movement every week
Movement is movement, right? Not exactly. Here’s what your body is looking for in addition to your morning walk or yoga session, according to experts.
The Met Gala was in full bloom with Zendaya, Jennifer Lopez, Mindy Kaling among the standout stars
The Met Gala and its fashionista A-listers on Monday included Jennifer Lopez, Zendaya and a parade of others in a swirl of flora and fauna looks on a green-tinged carpet lined by live foliage.
Quebec to limit sperm donations per donor after 3 men from same family father hundreds of children
Quebec is looking at tightening the regulations around sperm donation in the province following the release of a documentary that revealed three men from the same family fathered hundreds of children.
There's actually no such thing as vegetables. Here's why you should eat them anyway
The rumours are true: Vegetables aren't real — that is, in botany, anyway. While the term fruit is recognized botanically as anything that contains a seed or seeds, vegetable is actually a broad umbrella term.
Noelia Voigt resigns as Miss USA, citing her mental health
Noelia Voigt, who was crowned Miss USA in November 2023, has announced she is resigning from her role, saying the decision is in the best interest of her mental health.
Highlights from the 2024 Met Gala exhibit: Sleeping Beauty would wake up for these gowns
Sure, she was a royal princess and all. But there’s no way Sleeping Beauty — either before or after her nap — ever had quite the fabulous wardrobe that’s been assembled at the Metropolitan Museum of Art.