After a late-summer dip, gas prices in British Columbia's biggest urban area are once again forecast to climb over $2 per litre.
Some stations across Metro Vancouver were selling regular gasoline for just under $1.90 per litre Tuesday. But this is expected to climb to nearly $2.04 over the next 24 hours, according to the fuel prediction website Gas Wizard. This is more than a seven per cent increase.
Global fuel prices spiked across the world following the Russian invasion of Ukraine in late February, adding to record inflation rates not seen in decades. Experts say inflation has been compounded by a number of extreme weather events around the world as well as continued supply chain disruption due to the COVID-19 pandemic.
It was not immediately clear what is behind the forecasted spike in Metro Vancouver. Glacier Media reached out to Gas Wizard's Dan McTeague, but has yet to receive a response.
The latest fuel price forecast comes as Statistics Canada released its latest data on the country’s annual inflation rate, which sunk to 7.0 per cent in August largely on the back of falling fuel prices.
Food prices, however, continued to grow in August at the fastest rate since 1981, up 10.8 per cent over the past year.
While gas prices were expected to climb over $2 per litre in Metro Vancouver Wednesday, in Toronto, the price per litre was forecast to remain steady at 148.9 cents, and in Montreal at 164.9 cents.
In Alberta, Gas Wizard forecast Calgary and Edmonton’s price per litre of gas to remain static at 136.9 and 127.9 cents, respectively.
Several cities in B.C. were not expected to see a hike in gas prices, with the average price per litre expected to continue hovering at 169.9 cents in Kelowna, 175.9 cents in Prince George, and 198.9 in Victoria.
– with files from The Canadian Press