A gas pump is shown at a station in Montreal on April 12, 2017. Extreme volatility in oil markets has resulted in a price jump for gasoline of four cents a litre in Metro Vancouver and an analyst predicts a further hike could arrive within days. THE CANADIAN PRESS/Graham Hughes

B.C. fuel up 4 cents and more hikes to come: expert

Dan McTeague says to expect a wild ride for gas prices this year

Extreme volatility in oil markets has resulted in a price jump for gasoline of four cents a litre in Metro Vancouver and an analyst predicts a further hike could arrive within days.

Dan McTeague, a senior petroleum analyst at GasBuddy.com, says Vancouver residents will be the “poster children” for what he expects will be a wild year for gas prices Canada-wide.

He says the four-cent increase is the culmination of a series of events, including the explosion of the Enbridge natural gas pipeline in October and the unexpected maintenance shutdown of the Olympic pipeline last month in Washington state.

READ MORE: Start the new year with a full tank

McTeague says traders are still rebounding from those events and must cover gasoline demand in Oregon, Washington and southern British Columbia, prompting the latest hike and another boost of what he predicts could be a “penny or two,” by Sunday.

Greater Vancouver imports all its fuel, adding to the cost, but McTeague says fuel taxes will also climb in B.C. on April 1.

He says the tax will add 3.3 cents to the price of a litre of fuel and make the Vancouver area the highest tax jurisdiction for fuel of any major city in North America.

“You knocked out Montreal,” McTeague says. “There are some occasions where being No. 1 isn’t such a great thing.”

The GasBuddy website pegged the average price for gas in Vancouver at about $1.31 a litre on Friday, well above the average price of gas in some other Canadian cities. In Halifax, the average price was 97.8 cents, while it was at about $1.11 a litre in Montreal. A litre of gas was just over $1 in Toronto and was at 90.6 cents in Calgary.

A written analysis provided by McTeague says the turbulent year ahead for prices at Canadian pumps will stem, in part, from concerns over a looming trade war between the U.S. and China, Brexit, the status of global crude supplies and overall demand for oil products.

“Overall, fuel prices in 2019 could well turn out to be more expensive than any year since 2014, helped in no small part by an increase in gas taxes and currency challenges,” the analysis says.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

Beatty House entertainment

Great musicians to come to Rimbey

Snowfall adds some delay to morning commute

The QE2 and area road conditions in central Alberta were partly snow covered

Ponoka mayor asks for letter of support from Rimbey town council

Ponoka council plans to withhold education tax

VIDEO: U.S. Congress to probe whether Trump told lawyer Cohen to lie

At issue is a BuzzFeed News report that about negotiations over a Moscow real estate project

Ponoka cowboy Vernon (Bud) Butterfield passes away

The Ponoka Stampede Association announced his passing Friday

Rare ‘super blood wolf moon’ takes to the skies this Sunday

Celestial event happens only three times this century

Ponoka RCMP are looking for a missing man

Police say he may be in Drayton Valley and they are worried for his wellbeing

Lions donate to library

Lions club donate to library movie nights

Innisfail RCMP arrest two men attempting to sell stolen property

A large amount of music equipment and instruments had been stolen

Fashion Fridays: Inspirational gym outfits

Kim XO, helps to keep you looking good on Fashion Fridays on the Black Press Media Network

Company issues lifetime ban after man jumps from cruise ship

Nick Naydev posted the video last week showing him standing on the balcony of the Symphony of the Seas

Unruly passenger forces B.C.-bound flight to divert to Calgary

Police say charges are pending against a woman in her 40s

Most Read