Gas prices could dip slightly after surging past $2.26/L in Greater Victoria

After a sharp spike at the pumps, there may be a bit of relief on the way, but it likely will not last long.

Drivers across Greater Victoria are now paying up to 226.9 cents per litre, following a rapid climb over the past week. Not long ago, prices had dipped below $2 per litre after a temporary tax break by the Canadian government, but that drop was short-lived.

Within days, prices bounced back to around 211.9 cents per litre, before surging again, including a nearly 15-cent jump overnight on May 5th.

Last month, Prime Minister Mark Carney announced the federal fuel excise tax on gasoline and diesel would be suspended from April 20th through September 7th. The move was expected to lower gas prices by about 10 cents per litre.

While that provided a brief break for drivers, global factors have quickly taken over.

According to Gas Wizard, the recent surge is largely tied to escalating tensions in the Middle East. Disruptions in the Strait of Hormuz, where about 20% of the world’s oil supply typically moves through, have tightened global supply.

“When you lose 1.2 billion barrels of oil as a shortage, that is going to create a knock-on effect that is going to last several months,” said Dan McTeague, president of Canadians for Affordable Energy.

In a statement, McTeague says prices could fall by about seven cents per litre later this week, following reports that a small number of ships have successfully passed through the Strait under US protection.

⛽️ Price 🚨: Update #41
If rumours are true, U.S. & Iran have a deal. #GasPrices, after falling 5 cts/l Thurs, could fall more than 10 cts/lFriday (and diesel too)

Unfortunately the 🌎 is short 1.5 billion barrels of oil & prices 2 stay high for monthshttps://t.co/9G2E5iBd2u

— Dan McTeague (@GasPriceWizard) May 6, 2026

However, he warns that any drop is expected to be temporary.

“I think they are completely misreading the tea leaves,” he said.

Looking ahead, prices could continue climbing by five to 10 cents per litre each week if supply issues persist.

“Demand is outstripping the supply,” he said. “Governments around the world have used up their emergency reserves of oil and there really are no spare barrels out there.”

The rising cost of diesel is also adding pressure, having increased by nearly 40% since the conflict began, a key concern given its role in transporting food and goods.

“Nothing moves, nothing gets made, nothing happens in this world without a significant component of hydrocarbons,” he said.

For now, drivers in Greater Victoria and across Canada may see a slight dip in the coming days, but the overall trend suggests higher prices could stick around.