- Many gas stations in the Lower Mainland were charging 222.9 cents per liter, breaking the previous record set on Friday.
Gas prices in Metro Vancouver are projected to reach new highs this week.
At the moment, drivers in the region are paying more for gas than drivers anyplace else in the country.
On Monday, many stations in the Lower Mainland were charging 222.9 cents per liter, the highest price in the region’s history, exceeding the previous record set on Friday.
According to a top energy pricing expert, gas prices could rise by five cents per liter this week.
Because May 9 is Victory Day in Russia, it could be crucial in determining the course of the war in Ukraine.
Prices are projected to rise as the situation worsens, he said.
Even if the war ends soon, economist Dan McTeague predicts that high gas prices will persist because sanctions on Russia’s energy industry will likely remain in place.
Supply and demand remain an issue, with the weakened Canadian dollar also playing a role.
In Canada, the average price of gasoline is approaching $1.97 a liter.
The average price per liter in British Columbia is $2.06.
The summer season will also contribute to rising petrol prices since more people will be on the road and traveling.
The unofficial start will be during the May long weekend in less than two weeks.
GROCERY BILLS ARE RISING
For months, British Columbians have been suffering the effects of inflation.
Grocery and restaurant prices have risen dramatically, and transportation costs are just one factor.
“These days, climate, geopolitics, and energy costs are just another component added to this mountain of things driving prices higher,” said Sylvain Charlebois, head of Dalhousie University’s Agri-Food Analytics Lab.
Agricultural producers, in particular, are projected to be impacted hard by rising diesel prices.
“They’re going to seed,” Charlebois said, “but they’re going to pay more, and we’re talking thousands as well as thousands of dollars.”
He believes that focusing on buying locally will help him locate lower costs in the future.
“The closer you are to the point of sale, the less exposed you are to these changes,” Charlebois explained.
Imported items that must travel large distances will experience the most visible price increases.
“The thing about British Columbia is that the province produces many foods all year.” As a result, I expect many food products to be unaffected,” he explained.
Inflation, according to Charlebois, is “an economic sickness” that is out of control in both Canada and the United States.
“Right now, we’re in a hazardous situation. So, as consumers, you must be cautious in handling your budget; there are some essentials of existence. Two of them are shelter and food,” he explained.
We’re not out of the woods yet, according to Charlebois.
“If you think of the present inflation cycle in terms of a hockey game, we’re probably in the first period right now,” he added.
Source: CTV News
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