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Gas prices likely within lowest range Metro Vancouver will see this year: analyst

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Summary

Gas prices have dropped around parts of Metro Vancouver, and will likely be the lowest price range we see this year

'I think this is probably within three or four cents as low as we're going to get,' gas analyst says of Metro Van prices

VANCOUVER (NEWS 1130) – Most drivers around Metro Vancouver probably have a few more bucks in their pockets as the price of gas has dropped significantly over the past few weeks across the region.

In October, the price for a litre of regular topped out at 163.9.

However, things have been looking up — or rather down — around the region.

“Right around the Lower Mainland, Vancouver market, we’ve seen a net decrease of 18 cents a litre since October the 13th,” Analyst Dan McTeague with GasBuddy.com explains.

McTeague says the reason for the drop in prices is that refineries have ramped up their output since they saw production cuts due to that Enbridge natural gas line explosion near Price George.

So will we see increases before the end of the year? McTeague doesn’t think so.

“I think this is probably within three or four cents as low as we’re going to get,” he says. “We’re going to have to wait to see whether or not the sanction the U.S. has imposed on Iran will have an effect on tightening oil supplies, and whether or not there are any other geopolitical factors.”

If you think this dip in prices is any indication of what’s to come in 2019, McTeague says it’s unlikely we’ll see prices any cheaper than what we saw in 2018.

“It’s likely to go back up in the spring and there’s also some other circumstances that could drive prices up. But for now, take advantage of this. It is an 18 cent saving from the height that we saw.”

-With files from Sonia Aslam