More Pain At the Pump?

Gas prices could go up again this week.

Petroleum analyst Dan McTeague with gasbuddy.com says Vancouver, Victoria and most of BC should see a 2 cent a litre increase.

“The shortened work week and record breaking fuel consumption this week in the U.S means pump prices will continue their gradual ascent for the week ahead across Canada,” says McTeague. “Adding to the mid-summer rally in pump prices is a weakening Loonie versus the U.S greenback. As all commodities are priced in U.S. dollars, weakness in the Canadian dollar’s valuation leads inevitable to higher prices for Canadian drivers.”

The average price in BC is $1.14, while nationally its $1.08.

“As such, Vancouver, Victoria and most of B.C. should see a 2 cent a litre hike, while Calgary, Edmonton, Regina and Saskatoon will see prices hold steady reflecting stronger retail margins. Toronto and most of Ontario are in store for a 3 cent a litre rise, Winnipeg may see a 10 cent margin restoration mid-week that may or may not stick, while Montreal, which traditionally sees retail margins restored by Wednesday, can expect a 10 cent increase to about 126.9 cents a litre by mid-week. For the Maritimes and Newfoundland which follow last week’s prices under their regulated price regimes, a 2 cent a litre increase is on its way,” McTeague predicted.

Vernon’s prices went up 8 cents a litre last week — to $1.17.9.