B.C. gas prices are expected to reach a record high
British Columbia gas prices may hit near-record highs as oil costs surge from Iran tensions and Strait of Hormuz disruptions, with fuel costs likely to stay high
Gas prices in British Columbia are expected to climb to nearrecord levels as oil prices rise amid ongoing tensions involving Iran and stalled U.S. peace talks. Analysts say the continued closure of the Strait of Hormuz is tightening global supply and pushing fuel costs higher.
Petroleum analyst Dan McTeague said prices could rise again on Friday, even with the temporary federal fuel tax suspension in place. He warned that the market shock could keep prices elevated for weeks or longer, with records possibly being broken in May.
The higher prices are already drawing attention from businesses such as taxi operators, who say they are watching fuel costs closely because of their impact on customers and operating expenses. McTeague added that other regions, including parts of Asia and Africa, could also face shortages and possible rationing if supply disruptions continue.