Metro Vancouver drivers may notice gas prices have jumped again Monday morning.
Analysts at GasBuddy.com say the average price across over 400 stations rose by 16.4 cents per litre in the past week.
As of Sunday, the average price for a litre of regular gas in the Vancouver area was $2.10 — nearly 40 cents per litre higher than the national average.
GasBuddy says prices briefly dropped at the start of last week, with the federal government suspending the fuel excise tax from April 20 until Labour Day.
“However, that relief proved short-lived,” said Patrick De Haan, head of petroleum analysis.
Gas prices have been increasing around the globe since the onset of the U.S. and Israel’s attacks on Iran and disruptions to traffic in the Strait of Hormuz, curtailing the flow of millions of barrels of crude each day.
De Haan says renewed tensions and setbacks in talks between the U.S. and Iran have pushed oil prices higher, “erasing much of that initial drop and lifting prices again in several provinces.”
He says the rise won’t likely let up any time soon.
“With oil continuing to rise, gasoline prices are likely to move higher in the days ahead as global pressures outweigh the impact of the tax break, while diesel is also poised to follow, if elevated oil prices persist.”
As of Monday morning, advertised prices around Vancouver ranged greatly from $1.96 to $2.18 per litre.