The price of oil has significantly increased over the last few weeks, in turn driving up the price of fuel, with Nanaimo and other mid-Island gas stations increasing prices by 10 cents or more by Wednesday, Jan 15. (Jordan Davidson/NanaimoNewsNOW)

By NanaimoNewsNOW staff

price jump

‘Highest levels in months:’ Widespread gas price surge hits Nanaimo area

Jan 15, 2025 | 2:10 PM

NANAIMO — Mid-Islander drivers may have noticed another significant jump in prices at the gas pumps this week.

As of Wednesday, Jan 15 at 2 p.m., gas prices around much of the mid-Island were sitting at an average of $174.9 cents per litre of regular gas, with some stations increasing prices by over 10 cents a litre since the morning.

According to GasBuddy analyst Patrick De Haan, refineries are starting their seasonal maintenance work before the spring and summer driving season, but recent increases in the price of oil is what’s causing the recent increase in price.

“The Biden administration putting on more stringent sanctions on countries like Iran and Russia, essentially sanctioning as well dark vessels that carry sanctioned crude oil to countries like China and India. Oil prices are now at their highest levels in months with a barrel of West Texas Intermediate crude oil nearing $80 a barrel, and Brent crude oil nearing $81.5 a barrel.”

He said the current average gas price in Vancouver is 178 cents a litre, compared to the B.C. provincial average of 169.6 cents per litre, the second most expensive province to fuel up in behind P.E.I and Newfoundland.

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De Haan said prices will likely continue rising locally, on-trend with the rest of Canada.

“Over the last week…virtually every province, have seen an increase. British Columbia seeing an average of 3.7 cents a litre in terms of a rise, just about everyone seeing between a 3-5 cent a litre rise over the last week.”

He said from what they can tell, the ongoing wildfire situation in Southern California hasn’t impacted gas prices yet, although at least one pipeline was forced to shut down briefly.

As far as how much higher prices will go before levelling off De Haan said things are uncertain at the moment as Canada prepares for incoming President-elect Donald Trump’s second term in office.

With his inauguration happening on Monday, Jan 20, Trump’s idea to impose significant tariffs on Canadian goods, along with retaliatory tariffs promised by some Canadian politicians, could force a large shift in gas prices in the weeks ahead.

“If some of the worst fears and tariffs do become implemented, (it’s) something we’ll be watching very carefully. Having said that, as I mentioned the price of oil has been jumping and surging in recent weeks so I do think there will be continued upward pressure on prices over the next week or two, but beyond that, could be a little bit more tricky to predict.”

— with files from Jon De Roo/97.3 FM The Eagle

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