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
Most of Canada to receive emergency alert test today
The federal government will test its capacity to issue emergency alerts today, with the exception of Ontario, where the test will take place on May 15.
OPINION What King Charles' schedule being too 'full' to accommodate son suggests about relationship with Prince Harry
Prince Harry, the Duke of Sussex, has made headlines with his recent arrival in the U.K., this time to celebrate all things Invictus. But upon the prince landing in the U.K., we have already had confirmation that King Charles III won't have time to see his youngest son during his brief visit.
Ontario man devastated to learn $150,000 line of credit isn't insured after wife dies
An Ontario man found out that a line of credit he thought was insured actually isn't after his wife of 50 years died.
Boy Scouts of America is rebranding. Here's why they're now named Scouting America
After more than a century, Boy Scouts of America is rebranding as Scouting America, another major shakeup for an organization that once proudly resisted change.
New Canadian study could be a lifesaver for thousands suffering from CTE
A first-of-its-kind Canadian research study is working towards a major medical breakthrough for a brain disorder, believed to be caused by repeated head injuries, that can only be detected after death.
Rape, terror and death at sea: How a boat carrying Rohingya children, women and men capsized
In March, Indonesian officials and local fishermen rescued 75 people from the overturned hull of a boat off the coast of Indonesia. Until now, little was known about why the boat capsized.
Stormy Daniels describes meeting Trump during occasionally graphic testimony in hush money trial
With Donald Trump sitting just feet away, Stormy Daniels testified Tuesday at the former president's hush money trial about a sexual encounter the porn actor says they had in 2006 that resulted in her being paid to keep silent during the presidential race 10 years later.
These adults born in the '90s partnered with their parents to buy homes in Ontario
An Ontario woman said it would have been impossible to buy a house without her mother – an anecdote that animates the fact that over 17 per cent of Canadian homeowners born in the ‘90s own their property with their parents, according to a new report.
For their protection, immigrants critical of China and India call for speedy passage of Canada's foreign interference legislation
Canadian immigrants threatened by hostile regimes are urging parliamentarians to quickly pass the 'Countering Foreign Interference Act' so they can feel safe living in their adopted home.