Pumpjacks pump crude oil near Halkirk, Alta., June 20, 2007. Prospects are looking brighter in the Canadian oilpatch as commodity price increases drive higher profits and afford companies room to offer dividend hikes and share buybacks, but slumping stock prices show that the oil and gas sector remains in the penalty box with investors.THE CANADIAN PRESS/Larry MacDougal

Pumpjacks pump crude oil near Halkirk, Alta., June 20, 2007. Prospects are looking brighter in the Canadian oilpatch as commodity price increases drive higher profits and afford companies room to offer dividend hikes and share buybacks, but slumping stock prices show that the oil and gas sector remains in the penalty box with investors.THE CANADIAN PRESS/Larry MacDougal

B.C. gas prices see long-weekend jump, just as inquiry report to be released

Vancouver will see prices as high as 155 cents per litre

Just as B.C.’s utilities commission is expected to release findings from a probe into high gas prices in the province, many Lower Mainland drivers awoke to a three-cent jump at the pumps.

Prices are expected to increase another two cents per litre on Saturday, to as high as 155 cents a litre through the weekend, petroleum analyst Dan McTeague said on Twitter. The jump is likely due to seasonal maintenance at a Washington State refinery.

Outside of the Greater Vancouver area, per-litre gas prices were roughly 141 cents in Victoria on Friday morning, according to GasBuddy.com. Meanwhile prices were seen hovering around 125 cents in Kamloops and roughly 132 cents in Williams Lake.

GAS PRICES 101: Where B.C. drivers’ pretty pennies are going at the pump

The cheapest gas was spotted in Prince George, prices at 110 cents per litre.

Premier John Horgan called for an investigation into soaring costs at the pump in May, after the price of a litre of regular gasoline climbed above $1.70.

The B.C. Utilities Commission report, set to be made public late Friday morning, is likely to focus on oil companies’ refining margins to explain fluctuations in gas prices.

The commission was tasked with investigating possible price fixing and gouging, as well as details in retail and wholesale prices between Vancouver and other North American cities. The report includes findings from a four-day public hearing where a number of major oil companies testified.


@ashwadhwani
ashley.wadhwani@bpdigital.ca

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