Analysts at GasBuddy.com say average gas prices increased by 5 cents per litre in the past week.
As of Sunday, the average price for a litre of regular gas in the Vancouver area was $2.17.
That amounts to 46.7 cents more than the same day one year ago.
The national average is currently at $1.87, a jump of 2.9 cents compared to last week.
GasBuddy adds that the average price for a litre of regular gas has fluctuated “widely” over the last five years.
While the prices at the pump were $1.53 in 2021, they rose to $2.30 in 2022 and fell again the following year to $1.83.
Related:
The 2022 price tag was also the all-time high record for Metro Vancouver, which is just 13 cents short of the current average price at the pump.
Analysts at GasBuddy.com also say that this record could be potentially reached under the current global dynamic, with the conflict in Iran still ongoing.
“Hopes that diplomatic progress between the U.S. and Iran could ease supply concerns faded after President Trump’s meeting with China’s Xi Jinping failed to produce a breakthrough on Iran, while renewed warnings toward Tehran have helped push oil prices higher again,” said head of petroleum analysis Patrick De Haan.
“With global oil inventories continuing to trend toward historically tight levels, markets remain highly sensitive to geopolitical developments and potential supply disruptions. As a result, gasoline and diesel prices are likely to remain volatile, and any sustained increase in oil prices could begin pushing retail fuel prices higher across Canada in the weeks ahead.”