The price of gas hit 172.9 cents a litre this weekend in Metro Vancouver. (Black Press Media)

Gas prices in Metro Vancouver hit $1.72 a litre

And one analyst expects it to only go higher this week

Metro Vancouver is likely to break more records, but it’s not something to cheer about.

The price of gas remained at 172.9 cents a litre in the region on Monday, after it hit that new North American record on Saturday.

And according to Dan McTeague, senior analyst with GasBuddy.com, a U.S. embargo expected to take effect on Iranian oil next week will only add to the factors that will send it up three cents more to 175.9 per litre as early as Wednesday.

The cheapest gas as of Monday at 8 a.m. in B.C. was 1.259 cents per litre in Dawson Creek.

McTeague has said the weeks of recent spikes are because of the increase to B.C.’s carbon tax as of April 1, adding about a cent per litre, as well as maintenance at two major fuel suppliers in Puget Sound.

READ MORE: Gas prices spike in White Rock, breaking North American record

Internationally, he has pointed to the U.S. embargo on Iranian oil, production cutbacks within the Organization of Petroleum Exporting Companies and Russia, and output issues in areas such as Libya and Venezuela.

This is a corrected story. A previous version reported the cheapest price of gas in Hope, B.C. Black Press Media has since learned that gas station is closed.



joti.grewal@bpdigital.ca

Like us on Facebook and follow us on Twitter

Just Posted

PHOTOS: Jungle Book characters come to life in Mission

Students from Creative Edge School of Arts also performed Fiddler on the Roof

Talking about diversity in Mission

Eighth annual Cycling4Diversity ride takes place Friday, ending at Mission City Hall

Loading zones in downtown Mission not necessary says DBA president

They take away much-needed parking spots from potential customers according to business association

Sunset Market returns to Mission’s Fraser River Heritage Park

First market takes plac May 21, followed by June 18, July 16 and August 20 from 5-9 p.m.

Vandals splash paint across new inclusion walkway

The rainbow coloured area in front of the Mission Public Schools office was damaged early Thursday

QUIZ: Test your knowledge of Victoria Day

How much do you know about the monarch whose day we celebrate each May?

Top women’s hockey player Natalie Spooner coming to B.C.

Natalie Spooner special guest at annual Grindstone charity weekend in Kelowna

Take-home drug testing kits latest pilot to help curb B.C.’s overdose crisis

Researchers look to see if fentanyl testing could be a useful tool for those who use drugs alone

UPDATE: Highway 1 reopened after multi-vehicle crash east of Chilliwack

Westbound lanes near Herrling Island were closed for hours amid busy holiday weekend traffic

Police watchdog investigating motorcycle crash in Kamloops

A Kamloops Mountie had stopped the driver for speeding, but they raced off from the 0fficer

Facebook takes down anti-vaxxer page that used image of late Canadian girl

Facebook said that the social media company has disabled the anti-vaccination page

Search crews rescue kids, 6 and 7, stranded overnight on Coquitlam mountain

Father and two youngsters fall down a steep, treacherous cliff while hiking Burke Mountain

LETTER: Did we learn nothing?

Shocked Mission needs additional $15 million to complete sewer line crossing the Fraser River

Raptors beat Bucks 118-112 in 2OT thriller

Leonard has 36 points as Toronto cuts Milwaukee’s series lead to 2-1

Most Read