By Dominic Abassi

Nanaimo gas prices expected to sit between $1.32 and $1.45 through September

Mar 19, 2018 | 5:59 PM

NANAIMO — While Nanaimo drivers aren’t expected to see the record-breaking gas prices predicted for Vancouver, there’s still going to be some pocketbook pain at the pumps over the next few months.

Dan McTeague of the online tech company GasBuddy predicted beginning as soon as this weekend and continuing to September, Nanaimo gas prices will be at a best-case scenario of $1.32 to a worst-case scenario of $1.45 a litre.

“I think that’s pretty much where you’re going to see prices crawl over the next several months until we get past the Labour Day weekend. Up until then, look for these prices to rise. And the fact they’re this high, this early in the season is an omen things are not going to get a whole lot better.”

McTeague told NanaimoNewsNOW high demand and a lack of supply will likely drive prices up anywhere between four and 10 cents a litre by this weekend. He said prices in the region are already 18 per cent higher than this time last year.

The refinery that feeds the Olympic pipeline is closed for at least five days, while the Parkland refinery that provides about 25 per cent of the gas to the island is down for maintenance for some time.

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McTeague said those factors put a scare into wholesalers, meaning local gas stations are buying their fuel right now for around $1.31 per litre.

An increase in the carbon tax applied to gas announced by the provincial NDP and the transition from winter to summer fuel will further drive up prices, he said.

Despite that, Monday’s local average of $1.38 pales in comparison to near-record setting prices on the mainland. Prices across Vancouver hit about $1.55 over the weekend, while Victoria remained around $1.40.

In other parts of the country on Monday, the average price for gas was just under $1.14 a litre in Edmonton, about $1.25 in Toronto and around $1.12 in Halifax.

“Nanaimo continues to see slightly more competitive prices,” McTeague said. “I know everything is rising so most people are pretty upset and may not realize it but you’re in a better spot than Vancouver and Victoria.”

NanaimoNewsNOW spoke to several people filling up at local pumps Monday.

“It doesn’t affect my driving habits but I certainly think it’s ridiculous,” said one man, while another woman said “If I’m going to do something, I make sure I have two or three things I’m going to do in succession, rather than do one thing one day and one thing the next.”

Meanwhile, for those watching the price of a barrel of oil and wondering why stabilization in that market isn’t reflected in the price at the pumps, McTeague said the price of oil has little to do with the price of gas, comparing it to lumber prices having no impact on the cost of homes.

dom@nanaimonewsnow.com

On Twitter: @domabassi