Metro Vancouver gas prices have dropped, and could do so again before Canada Day

Some good news for the start of the work week: gas prices in Metro Vancouver have dropped.

The cost dipped to around $2.17 per litre of regular Monday morning, with some stations reporting a few cents lower or higher depending on the city.

It’s a welcome reprieve from the sky-high prices the region has seen in recent months, with some stations posting as high as $2.37 for a litre of regular in early June.

Patrick De Haan, head of petroleum analysis at GasBuddy, predicts we could see a further drop by the end of the month in time for the Canada Day long weekend.

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He suggests drivers across the country may see a dip of up to 10 cents per litre, “barring any unexpected shutdowns at a time when the market is extremely sensitive to such.”

But that would still be well above the average price drivers are used to this time of year.

According to GasBuddy, which collects data on fuel prices, the price at the pump was closer to $1.25 per litre just two years ago.

Meanwhile, south of the border, U.S. President Joe Biden says he’s considering a federal holiday on the gasoline tax, possibly saving U.S. consumers as much as 18.4 cents a gallon.

FILE – A man pumps gas at a mini-mart in Pittsburgh on June 15, 2022. As the challenges confronting President Joe Biden intensify, his predictions of a rosy political future for the Democratic Party are growing bolder. (AP Photo/Gene J. Puskar, File)

“Yes, I’m considering it,” Biden told reporters Monday. “I hope to have a decision based on the data, I’m looking for by the end of the week.”

Around the world, fuel prices have skyrocketed, with increases blamed partly on Russia’s invasion of Ukraine in February. Gas prices across the U.S. are averaging just under $5 a gallon, according to AAA.

The Biden administration has already released oil from the U.S. strategic reserve and increased ethanol blending for the summer, in addition to sending a letter last week to oil refiners urging them to increase their refining capacity.

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The summertime is a busy travel and tourist season but many are rethinking their road trip plans due to fuel costs.

B.C. Premier John Horgan has resisted calls to remove the province’s gas tax, which is the highest in the country, arguing that those taxes go to invaluable projects like transit and road improvements.

Instead, ICBC-insured British Columbians have been promised a one-time rebate of $110 for a recreational vehicle, and $165 for commercial vehicles.