Gasoline prices have risen again, hitting $2.279 a liter on Saturday, and they’re not over yet

Gasoline prices in Metro Vancouver are expected to hit $2.50 a liter this summer, according to an analyst who predicted prices of $2 a liter this year as early as October and hit a high of $2.279 on liter of regular gasoline on Saturday.

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Gasoline prices in Metro Vancouver are expected to hit $2.50 a liter this summer, according to an analyst who predicted prices of $2 a liter this year as early as October and hit a high of $2.279 on liter of regular gasoline on Saturday.

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“It would take, what, 14 cents more a litre? asked Dan McTeague, former Liberal MP and current president of Canadians for Affordable Energy, about fuel prices in Metro Vancouver. He noted that the summer driving season, which typically drives up fuel prices, has yet to start in Canada or the United States.

McTeague suggested a temporary suspension of the carbon tax or that Ottawa offer energy rebates, noting that rising gasoline prices have likely provided the federal government with a tax increase on fuel purchases. .

McTeague said rising gas prices disproportionately affect low-income Canadians.

Werner Antweiler, an associate professor at UBC’s Sauder School of Business, agrees, calling fuel prices “elastic” since most people will still fill up regardless of whether it costs $100. or $150.

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“They complain but they still drive,” he said.

Plus, many other people who might struggle with fuel prices still have to get to work one way or another, and public transit just isn’t an option for many, a said Antweiler.

“People don’t give up driving because of fuel prices because they have to get to work,” McTeague said. “What they’re skipping is food.”

He suggested the provincial government temporarily remove the fuel tax, which is added to every liter of fuel sold in the province.

BC Liberal Leader Kevin Falcon said the same, calling for “a temporary suspension of all costs the provincial government imposes on fuel prices for at least a three-month period to give people a critical break”.

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“I don’t think the (NDP) government understands how much a $200 to $300 a week increase in fuel costs affects a family,” he said.

People fill up at a gas station in east Vancouver on May 14, 2022, when prices hit $2.28 a liter for regular gasoline in Vancouver.
People fill up at a gas station in East Vancouver on May 14, 2022, when prices hit $2.279 per liter for regular gasoline in Vancouver. Photo by Nathan Griffiths/PNG

On Friday, Prime Minister John Horgan called the tax cut a “short-sighted plan” that would only offer “greater” relief.

He said the finance minister had been asked to present a “basket of initiatives” to deal with rising fuel costs, noting it was “not a short-term problem”.

Until then, he encouraged residents to reduce travel costs.

“We need to do this by taking all the steps we can to reduce the amount we spend and also making sure we work together. If you go to the grocery store and you know you have a neighbor who needs something, ask them if you can pick it up and reduce the number of trips we make,” Horgan said.

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Falcon slammed the Prime Minister’s comments, noting they would not help a contractor who needs to transport “13 feet of PVC pipe”.

“I recognize that we are moving away from fossil fuels,” he said. “In the meantime, we can’t ignore the fact that the overwhelming majority of the public still have to rely on gas-powered vehicles to try and get around to meet their family and business needs.”

With file from Joe Ruttle.

ngriffiths@postmedia.com

twitter.com/njgriffiths


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