For ten years, the average price of gasoline has never been so high in British Columbia, according to the GasBuddy site, which lists the price at the pump in real time. And this trend is not regarding to run out of steam, fear experts.
In Greater Victoria, the average price at the pump is estimated Thursday at $1.93, while it was $1.85 in the Fraser Valley and $1.84 in Greater Vancouver. These prices are the highest in Canada, according to estimates by GasBuddy.
At some stations in the province, posted costs reached $1.94 per liter of gasoline.
© GasBuddy.com (our translation)
12 Month Average Retail Price Chart
These prices at the pump might rise further before the situation improves, warns Mark Jaccard, a professor in the School of Resource and Environmental Management at Simon Fraser University.
Among the regions with the highest costs in Canada is the province of Newfoundland and Labrador, which registers $1.77 per litre.
This meteoric rise is partly due to the conflict raging between Russia and Ukraine, the country of Vladimir Putin producing 10% of the world’s oil, he explains. Oil costs change according to supply, but also to expectations and fearsof the international community.
In addition to boycotting Russian natural resources, some countries, mainly in Europe, are also trying to reduce their dependence on fossil fuels.
The long-term effect will be to lower oil prices, but for now, we can very well see them rising during this transition.», explains Mark Jaccard.
© Ben Nelms CBC/Radio-Canada
The cost of gasoline has skyrocketed in British Columbia.
No provincial intervention
Despite record costs at the pump, the BC government has no plans to interfere. Energy, Mines and Petroleum Resources Minister Bruce Ralston said the province has no plans to cap gas prices at this time.
The government interfering in the private market to determine gasoline prices is a major milestone» which may have unforeseen consequences“, he justified. Companies might turn around, run out of inventory and drive prices up even further“, he added.