The war in Iran is pushing energy prices higher, triggering sharp increases in gas, food, and travel costs across British Columbia.
Gas prices in Metro Vancouver have hit record levels above $2 per litre. Dan McTeague of gasbuddy.ca said oil has risen by $30 a barrel, with gasoline up 24 cents per litre and diesel surging 45 to 52 cents. Higher diesel costs directly impact transportation, manufacturing, and supply chains.
McTeague warned sustained conflict will lead carriers to pass fuel cost hikes directly to consumers through broad-based surcharges on trucks, trains, and air freight.
Dr. Sylvain Charlebois of Dalhousie University’s AgriFood Analytics Lab said rising energy costs will push food prices up by two to three percent if oil stays at $90 a barrel. Meat, dairy, and produce are most vulnerable due to refrigeration and transport demands.
Airfares are also climbing as jet fuel volatility reaches multi-year highs. Airlines are adding fuel surcharges, while BC Ferries uses a deferral mechanism to delay fare spikes but continues monitoring market risks.