Gas prices have yet to substantially change on central Vancouver Island since the United States began its aggression towards Iran on the weekend, however the situation remains fluid and difficult to predict. (Image Credit: Ian Holmes/NanaimoNewsNOW)

By Alex Rawnsley

competing pressures

‘A very uncertain situation:’ gas prices expected to rise through Nanaimo

Mar 3, 2026 | 4:19 PM

NANAIMO — An emerging Middle Eastern conflict, coupled with seasonal changes in supply and capacity, are forcing prices to go higher at the gas pump.

While they have yet to adjust locally, experts who study gasoline prices widely expect increases to start showing soon due to the United States’ strikes on Iran and retaliatory Iranian attacks on neighbouring Gulf states.

Head of petroleum analysis at Gas Buddy, Patrick de Haan, said the situation remains very volatile.

“We could go up another five, ten, even fifteen cents a litre before the end of the week. For diesel, it may be even more dramatic with an increase of ten to twenty-five cents a litre. A lot of that is happening because of the de facto closure of the Strait of Hormuz, sending product prices up across North America.”

Prices across much of the mid-Island are hovering in the low 160s for a litre of regular gasoline as of Tuesday afternoon.

Last Minute Win

Clippers pull out late Game 1 victory over Bulldogs

3h ago

conduct standards

Provincewide code of conduct coming for B.C.'s elected officials

18h ago

Batter Up

Mid Island Pirates full of optimism as baseball season begins

22h ago

War in Iran is not the only factor poised to make prices higher in the coming days and weeks.

de Haan said a vast majority of short-term changes will be directly connected to the Iran situation, however, the time of year and regular refinery schedules are also contributing.

“It’s just very difficult to kind of pin down exact certainty in a very uncertain situation. Our numbers look like price increases will continue beyond the situation (in Iran), there’s already the transition to summer gasoline, refinery maintenance and rising demand that all are playing into this as well.”

The national average for gasoline in Canada is 138.8 cents per litre, however de Haan expects to see it rise upwards of 150 cents per litre by next week.

— with files from Jon de Roo, 97.3 The Eagle

Local news. Delivered. Free. Subscribe to our daily news wrap and get our top local stories delivered to your email inbox every evening.

info@nanaimonewsnow.com

Follow us on: Twitter (X) | Bluesky | Facebook