Gas prices around Metro Vancouver rose to $121.9 per litre on Monday, and experts predict prices will keep climbing through the week.
Motorists in the region rejoiced when gas plummeted to less than $1 per litre last month, but prices have been gradually rising ever since, despite the low cost of crude.
The discrepancy has left a lot of drivers feeling duped, but experts argue oil and gas are very different markets.
“The world is awash in the supply of crude, however gasoline is traded more locally and there are different compelling issues which tend to suggest there’s a bit of scarcity on the gasoline side,” said Dan McTeague, senior petroleum analyst with GasBuddy.com.
McTeague cited last week’s explosion at the Exxon Mobil refinery in California and the fact that Shell’s Puget Sound refinery in Washington is down for maintenance as contributing factors to the recent spike in prices.
The long, harsh winter on the east coast and labour unrest in California could also be pushing prices up, he added.
“Unfortunately I don’t see any relief for Vancouver motorists,” McTeague said. “You’re looking at higher prices and those prices are going to be sustained at least the next three or four weeks.”
Vancouver will likely see prices hit $1.25 per litre in the coming days, according to McTeague.