Gas prices in Metro Vancouver are poised to climb again this week.
Analysts at GasBuddy.com say the average price per litre reached $2.11 Sunday — up 1.4 cents per litre in the past week.
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.
Patrick De Haan, Head of Petroleum Analysis at GasBuddy, says Canadians will once again feel the effects of rising wholesale costs in the coming week.
“As a result, the national average could continue climbing in the days ahead as global oil markets remain under intense pressure,” said De Haan.
Meanwhile, he says diesel fuel prices have reached a record high of 225 cents per litre, and all market players are on edge.
“At this point, the trajectory of fuel prices remains highly uncertain and is largely contingent on the reopening of the Strait of Hormuz — until that occurs, the risk of further increases remains firmly in place.”
U.S. President Donald Trump issued a Monday night deadline for Tehran to reopen the Strait of Hormuz, warning the U.S. would hit Iran’s power plants and other infrastructure targets. Iran’s parliamentary Speaker Mohammad Bagher Qalibaf called the threats “reckless.”
On Sunday, the Canadian national average price reached $1.80 a litre for regular.
As of Monday morning, the price in Metro Vancouver ranged broadly from $2.04 per litre to another station advertising $2.35 per litre.
—With files from The Associated Press