Prepare to pay more at the pump this week as gas prices around Greater Victoria are forecast to rise due to complications at local refineries.
Some gas stations have already raised their prices to 142.9, more than 10 cents higher than how much it cost per litre to fill your vehicle on Monday morning and more than 20 cents higher than the average price at this time last year.
Dan McTeague, a senior petroleum analyst at GasBuddy.com, says by tomorrow morning most, if not all, gas stations will have raised their prices to that level.
Gas Price 🚨#Victoria to see a possible 10 – 11 ct/l HIKE @ the ⛽️ beginning this afternoon and into tomorrow (Tuesday). Look to $1.42 cpl as new price.
— Dan McTeague (@GasBuddyDan) February 26, 2018
“It’s not a pretty picture,” McTeague said. “I can say the new normal average should be around 142.0.”
This is due in part to spring time maintenance at local refineries, and a planned shutdown at the Parkland refinery in Burnaby that has been offline for more than a month already.
“There’s a shortage in the system and there’s a premium for gasoline,” McTeague explained. “It doesn’t mean [the price] is going to stay there, it could drop three to four cents per litre by Friday.”
But, these prices could also last for a few more weeks due to spikes in demand and limited supply adding to the pressure.
With news last week that Greater Victoria residents will pay an increased gas tax to help fund transit initiatives, retailers will continue to pay more at the pump. And beginning April 1, retailers will switch over to a more expensive summertime blend of gasoline in order to comply with a federal mandate.
Those motorists that choose to fill up outside the region could find a small reprieve, as McTeague said the rest of Vancouver Island should see prices roughly six cents cheaper.