Tumultuous gas prices ahead for Greater Victoria, says analyst
A gas station is pictured in the Hillside area of Victoria on Jan. 19, 2023. (CTV News)
Greater Victoria drivers should prepare for yet another rough year at the pump after prices took a leap overnight.
Gas prices at many stations in the region jumped 10 cents from 169.9 cents per litre on Wednesday to 179.9 cents per litre on Thursday.
According to analysts at Kalibrate Technologies, the instability of oil and gas prices won't stop anytime soon.
The unpredictable gas prices are in part due to a tight supply, with several Canadian refineries preparing to close for maintenance over the summer months.
Refining capacity is also in flux due to climate change and because of fears of a possible recession.
Experts say the recent 10 cent jump will likely hold until next week, at which point prices could go up again another five to seven cents.
"Once we get to that $1.50, $1.70 a litre range, a 10 per cent change in prices would be 17 cents a litre. So we're really only seeing a five per cent change in prices, which doesn't sound as crazy as 10 cents per litre," said Kalibrate principal consultant Paul Pasco.
"It's really a relative change," he said.
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