Greater Victoria gas prices have broken the all-time record high with a number of stations showing 164.9 cents a litre on Thursday.
On Thursday, a few stations in the Greater Victoria area were over $1.60 a litre for regular gas on GasBuddy.com, with some stations at 164.9 cents a litre. Not every station is at that price, with some still at 153.9 cents a litre.
“They actually got a little bit of a head start or if you will, jumped the gun, because technically those prices aren’t reflective until tomorrow,” Dan McTeague, an analyst at GasBuddy.com, said.
“These are prices never paid by people here in Victoria.”
The previous record was set on May 26, 2018, when gas prices rose to 157.9 cents a litre for regular gas.
McTeague said Vancouver will also see an all-time high at 168.9 cents a litre this week.
According to McTeague, the price jump is due to the wholesale price gas going up by 2.7 cents. Four refineries in California are having problems, creating a shortage in the shortage in the Pacific and the Pacific Northwest markets. Gas prices in California have also surged.
There are other refineries down due to planned maintenance, including two in Washington state that supply a large amount of gas to Vancouver Island. McTeague said the “proverbial chickens have come home to roost,” as there is no alternative to getting gas.
McTeague said there will likely be an impact on the economy as people deal with the increased costs of driving their vehicles. He added he doesn’t think prices will drop until next week or the week after.
“You’re prices are now four cents behind Vancouver. There was a time when it was traditionally eight,” McTeague said.
Premier John Horgan said earlier this month the B.C. government will consider some relief for those who can’t afford the record high prices. Gas prices in Greater Victoria went to over $1.50 a litre earlier in April due to the maintenance at the Washington refineries, the rise in the wholesale price of gas and B.C.’s carbon tax, which increased from $35 to $40 per tonne.
Horgan says his government will monitor prices at the pumps over the summer.