Increasing oil prices means higher prices at the gas pump for those living in British Columbia.
This province is already the area with the highest gasoline taxes in the nation. Couple that with also being one of the most expensive places to live, as Vancouver is the most expensive city in the country. The cost of living is a lot to struggle and keep up with.
It is no surprise then that many are making the switch to electric and in B.C. specifically we are seeing some of the highest rates of electric vehicle ownership, along with other provinces like Quebec. As the gas prices jump higher this is only going to push more people into looking for more affordable options.
The average commute time in Vancouver is around 67 minutes.
That’s hundreds of thousands of people who are driving for at least an hour to get to work and home each day. When the gas prices start to go up that is going to impact their standard of living and some won’t have any choice but to look for cheaper transportation.
Along with gas prices there are also other services that you can also expect to see rate hikes with too.
B.C. consistently has the highest gas prices in the country and this makes it the province with a very costly standard of living if you want to live and commute in the city.
There are a variety of taxes in B.C. that contribute to the price and make it more expensive that it is in other regions, but some say the taxes aren’t the problem and they blame the oil companies alleged price gouging.
Altogether those taxes add up to roughly 62 cents or more per litre, according to one gas price analyst.
Current Cost of Gas in Vancouver
Some of the cheapest gas prices that you can find in Vancouver right now have been hovering around 142.9 cents per litre. Some suspect that soon we might be seeing as high as 170.0 or more per litre.
For those who get to work from home right now and who have transitioned to driving less they can be thankful that they aren’t going to feel this hike as much as they would otherwise if they were on the road regularly.
With many B.C. families who are spending between 30-50 percent of their income already on just housing and basics like food, they cannot take much increase in cost for standard of living.
Once those gas prices start to really climb we have seen again and again how quick the public is to get vocal about it. Experts have suggested that the price increase is related to the cold weather that areas like Texas have been experiencing recently. The price of oil increased once the refinery capacity was impacted from that cold weather that came through.
Now drivers are feeling the pain and industry experts suggest that prices are likely to increase still to record prices to fill up. With summer approaching that is estimated to only add to the problem, as the demand for the product is expected likely to spike at that time.