Metro Vancouver gas prices drop for Canada Day long weekend
Posted July 2, 2022 10:38 am.
Last Updated July 2, 2022 10:39 am.
Drivers around Metro Vancouver may notice a bit of a break when it comes to gassing up their vehicles.
Gas prices have dropped across the region — and other parts of the country — this Canada Day long weekend, with some parts seeing significant dips between Friday and Saturday.
On July 1, many stations around Metro Vancouver had posted the price for a litre of regular at around $2.13. However, by Saturday morning, drivers were able to find gas as cheap as $2.05 per litre of regular.
Related articles:
-
New week, new record high gas prices in Metro Vancouver
-
Metro Vancouver gas prices have dropped, and could do so again before Canada Day
-
Inflation in B.C. spikes higher than national average
This drop in prices comes at a critical time for many people, as the cost of living remains high. It also comes after Metro Vancouverites have seen gas prices skyrocket in recent months, soaring past $2.30 per litre of regular in more than instance.
While the drop in prices is welcome news for many, they’re still sitting at levels well above the average for this time of year.
Prices have also dropped across Ontario, with a litre going for about $1.82 one day after the province cut its gas tax. GasBuddy, which collects data on fuel prices, said on June 20 that the price at the pump was closer to $1.25 per litre just two years ago.
En-Pro International Chief Petroleum Analyst Roger McKnight said on Thursday that the 5.7 cent reduction in the Ontario tax, effective Friday, as well as a “fall in the U.S. cash futures” meant prices could drop by as much as 11 cents on July 1.
The price at the pump has risen in recent months due to a variety of factors. Globally, the increases have partly been blamed on Russia’s invasion of Ukraine.
In Metro Vancouver, drivers pay some of the highest fuel taxes across the country. While other provinces have taken measures, such as scrapping their gas taxes, B.C. has instead opted to provide drivers with a one-time rebate, which many people are still waiting for.
