Lower Mainland drivers should get used to the price hike at the pumps they felt Friday.
According to GasBuddy senior petroleum analyst Dan McTeague, gas prices went up three cents a litre, and another penny may be added Saturday or Sunday.
⛽️ Price 🚨 #Vancouver and the Lower Mainland to 👀 a 3 ct/l HIKE overnight @ the ⛽️ tomorrow (Friday), followed by a 1 or 2 cent a litre increase for Saturday. Fill up today !
— Dan McTeague (@GasBuddyDan) January 31, 2019
While McTeague said prices could come down a little next week, “We’re now getting to the point where gasoline and oil prices are starting to move back up.”
In the month of March, he said we’re likely to see gas prices remain in the $1.30 range versus the $1.20 range that we’ve had a glimpse of over the past few days.
McTeague pointed to Washington State production levels still being at 90 per cent, as well as the “over-subscribed Trans Mountain Pipeline” as reasons for the rise.
“Any type of disturbance on market tends to impact us more unevenly here in the Vancouver, Lower Mainland and Vancouver Island markets,” he said.
Worse, McTeague said we are likely to reach back to the $1.50 or $1.60 range come April.
“As we get closer to April, the provincial government is increasing the carbon tax yet again by 1.16 cents a litre, and another two cents to pay for TransLink, so the days of cheaper gasoline one way or another are going to be fewer and farther between.”
On Friday morning, the average price for gas in Vancouver was 129 cents a litre.
However, “there are some examples of where on the weekend you’ll see gas stations sell for 12 cents less than that,” he added. “That’s just gas stations playing with their retail margin.”
According to GasBuddy, the Costco in Langley looked to have the lowest price per litre (116.9 cents), followed by the one in Port Coquitlam (118.9 cents).
Listed stations in Port Moody had the highest prices (131.9 cents a litre).
Be ready to wait if you fuel up on Friday: GasBuddy’s 2018 foot traffic report released Jan. 31 found Fridays are the busiest day for fuel and convenience retailers.
“It is now confirmed that filling up at Costco on a Friday afternoon is the worst idea ever unless you enjoy waiting in line,” GasBuddy analyst Frank Beard said in a release.
Busiest times are noon and 5 p.m.