Drivers have noticed an increase in gas prices this week with experts blaming the recent bomb cyclone storm for the uptick. (Jordan Davidson/NanaimoNewsNOW)

By NanaimoNewsNOW staff

price surge

Fall storms cause gas price surge across B.C., including Nanaimo

Nov 26, 2024 | 2:41 PM

NANAIMO — An increase in the price at the pumps is being blamed on recent wild weather cutting power to thousands of people across North America.

Gas prices in B.C. shot up steadily this week, going from an average of 163.8 cents per litre last week to 169.0 cents as of Tuesday, Nov. 26, with prices increasing by 11 cents in Vancouver alone.

Gas prices at most Nanaimo area service stations are around 169.0 cents per litre as of Tuesday afternoon.

GasBuddy analyst Patrick De Haan said part of the increase is due to power outages at refineries following last week’s bomb cyclone storm, affecting parts of coastal B.C. and Pacific Northwest.

“Tremendous amount of power losses down on the US side of things as well, several key refineries that supply the market having issues as related to the tremendous rainfall and that has pushed up the wholesale price of gasoline and that’s behind the jump we’ve been seeing.”

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De Haan expects prices to cool off a bit once all power outages have been restored and refineries are back at full strength, with any recent increase expected to level off in early December.

“So in time we will start to see prices go down, but there could be some slight increases yet before we start to see that plateau and downturn.”

The strength of the Canadian dollar against the American dollar is also a factor, De Haan noted.

Recent comments by President-elect Donald Trump to implement a 25 per cent tariff on all goods coming from Canada and Mexico could negatively impact the loonie, according to De Haan.

“The US dollar is the global currency of crude oil and commodities like gasoline, diesel, and jet fuel, so when the Canadian dollar weakens against the US dollar it does drive prices up in Canada.”

— with files from Jon De Roo/97.3 The Eagle

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