Gas prices in Metro Vancouver have been on a downward trend, and predictions indicate that they may drop even further in the coming weeks. As of Sunday night, the average price for regular gasoline in the region was $1.7447 per litre, but some drivers were already paying as low as $1.679 per litre in certain areas like Langley. On Monday morning, reports emerged of regular gas prices as low as $1.699 along the Fraser Highway in Surrey and on North Road in Burnaby.
These declining gas prices can be attributed to weaker demand and softer oil prices. Patrick De Haan, the head petroleum analyst at GasBuddy.com, stated that if these trends continue, gas prices may decrease another 10 to 20 cents by the end of the year. This would mean that Metro Vancouver drivers could potentially pay around $1.50 per litre for regular gas, providing a welcome budget relief during the holiday season.
It’s worth noting that the national average price for gasoline in Canada has already dropped below $1.50 per litre this week, the first time it has done so since spring. While crude oil prices experienced a temporary increase on Monday morning due to expectations of supply cuts by OPEC+, they are down nearly 20 percent since September.
With the holiday season approaching, the prospect of even lower gas prices brings a glimmer of hope for drivers in Metro Vancouver. Savings at the pump could mean more money to allocate for gifts, travel, or other festive activities. As the trend of declining gas prices continues, drivers are encouraged to keep an eye on local prices and take advantage of the potential savings.
Frequently Asked Questions (FAQ)
1. Why are gas prices expected to drop in Metro Vancouver?
Gas prices in Metro Vancouver are expected to drop due to weaker demand and softer oil prices. These factors contribute to a decrease in the cost of gasoline.
2. How much could gas prices potentially decrease by?
According to GasBuddy.com’s head petroleum analyst, gas prices may fall another 10 to 20 cents per litre in the coming weeks. This would result in significant savings for Metro Vancouver drivers.
3. What is the current national average price for gasoline in Canada?
The national average price for gasoline in Canada has dropped below $1.50 per litre for the first time since spring.
4. How have crude oil prices affected gas prices?
While crude oil prices experienced a temporary increase due to expectations of supply cuts by OPEC+, they are still down almost 20 percent since September. This decline in oil prices contributes to the downward trend in gas prices.