Gas prices set to drop

Gas price analyst Dan McTeague says drivers in Metro Vancouver should wait until Wednesday to fill up their tanks.

“Christmas came early,” said McTeague of GasWizard.ca. “Holding off for the next several hours could prove putting an extra $10/$20 in your pocket, and I think it’s certainly welcome news.”

He predicts the price at the pump will drop to 184.9 cents per litre on Wednesday, a twenty-one cent decrease that would mark Metro Vancouver’s biggest daily drop in 2023.

McTeague said the anticipated price drop is a result of a variety of factors, including the switch from summer blend fuel to the cheaper winter blend and recent government decisions in California to ease fuel specifications.

“The governor in California relented and eventually allowed all gasoline formulations to be sold in that state. Normally, it’s very expensive,” he said.

As for a future outlook, McTeague anticipates gas prices to start to go back up a few cents on Thursday due to a weakened Canadian dollar. He believes the market is so volatile that ten to twenty-cent spikes and drops are becoming the new normal.

B.C. still has the highest gas prices in the country, with the most expensive city in the province currently being Victoria with an average price of $2.11.2/litre, according to gasbuddy.com. 

Source: ctvnews