A long-weekend treat for Metro Vancouver motorists: gas prices are falling, and fast.
“We haven’t seen these kinds of prices in Vancouver and the Lower Mainland going back to 2010… In the past week and a half, two weeks, we’ve seen prices drop about eight, nine cents a litre.”
Dan McTeague with Gasbuddy.com says prices have fallen about eight cents in the last week and could trend below a $1.10 per liter in the coming days.
“The issue isn’t so much oil prices which we know continue to drop, it’s now there’s a glut of gasoline. I don’t think I can remember a time in which I’ve said that in over a decade. But the reality is the refiners are trying to take advantage of cheap crude, and by taking advantage of cheap crude they’ve been wanting and willing to sell more gasoline.”
McTeague says that glut could last into the fall when lower demand could lock in the cheaper prices.
“They can be stuck with a lot of inventory they can’t sell, as they head into winter spec gasoline. So look for more downward pressure on prices provided no refinery runs into any difficulty.”
McTeague says fuel taxes in Metro Vancouver mean we’re still paying about 13 cents more than the national average.