The average price per litre of gas in Metro Vancouver rose by nearly a dime in the last week, but experts say it’s a small jump compared with the rest of the country.
As of Sunday, GasBuddy.com says the average price across over 400 Vancouver-area stations increased by 4.9 cents per litre to 215.97 cents per litre. Meanwhile, the national average increased by 13.1 cents per litre.
Analysts say the centre of the country was especially hard hit.
“Some of the most significant and fastest increases concentrated in the Prairies, where provinces like Alberta, Saskatchewan, and Manitoba saw sharp spikes of over 20 cents per litre,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
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.
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De Haan says the national average was also affected by regional supply disruptions.
“While refinery outages were a key driver behind those outsized gains, early signs of improvement could help ease some of the most extreme price pressures in the days ahead,” he said.
“Markets are also digesting a wave of new developments — including OPEC+ raising production for June and U.S. President Trump outlining a plan to free stranded ships — which could help restore some supply. However, with so many moving pieces, the outlook remains highly fluid, and while some localized relief may emerge, broader price volatility is likely to persist in the near term.”
The U.S. military said Monday that two American-flagged merchant ships had successfully transited the Strait of Hormuz and that Navy guided-missile destroyers in the Persian Gulf were helping to restore shipping traffic. It separately denied Iran’s claims to have struck an American Navy vessel.
The announcement came a day after Trump announced a new initiative to help guide ships through the critical waterway for global energy.
In Metro Vancouver and across Canada, the average price per litre of gas is over 50 cents higher than it was this time last year.
As of Monday morning, several Vancouver stations were advertising regular gas for $2.24 per litre or higher.
—With files from The Associated Press