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Gas prices to ‘tumble’ across the Lower Mainland this Wednesday: analyst

Last Updated Oct 15, 2018 at 11:11 pm PDT

(Source: iStock)
Summary

Don't fill up that tank just yet! Prices across the Lower Mainland are finally going down

Analyst Dan McTeague says prices will drop between six and eight cents this Wednesday

It's unclear how long the lower prices will last

VANCOUVER (NEWS 1130) – If you were planning on filling up your tank today, don’t! That’s the advice from price tracker website GasBuddy.

Following a record-breaking week for gas prices across the Lower Mainland, prices are finally going down.

“My best advice would be not to visit a gas station,” said petroleum analyst Dan McTeague. Take only what you need right now but wait until Wednesday, even better wait until Thursday.”

WATCH: Vancouver gas prices skyrocket

 

He said drivers could save anywhere between six and eight cents a litre.

“That puts top prices in Metro Vancouver will be back to 156.9 from a 162.9. And there’s a likelihood we could see another penny or two drop the following day,” McTeague added.

It’s hard to know how long the lower prices will last, McTeague added.

RELATED: Gas prices in B.C. to remain high after gas pipeline explosion

“We are now seeing prices move down with the restoration of natural gas free flow again and re-pressurization of the Enbridge natural gas pipeline,” he said. “That means of course that prices are now set to fall, I should say tumble, in one swoop six cents a litre on Wednesday.”

Last week Vancouver broke an all-time record,”These are the highest prices that any North American city has seen,” McTeague explained. “No city in Canada has ever paid 163.9 for gasoline, and when I refer to city I refer of course to major cities.”