Metro Vancouver fuel prices could drop again this week: GasBuddy

Bad news for oil on the global markets is good news for you as prices at the pump could be on the way down.

Analysts with GasBuddy note petroleum prices have fallen for four straight weeks and could happen again this week.

“The national average has declined for four weeks straight, nearing the longest decline in average gas prices since the pandemic started in 2020. Average gas prices are down nearly 20 cents, with Canadians shelling out millions less on gasoline every day than they did a month ago,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

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“We may see the trend last a fifth week, as long as oil prices remain cooperative and don’t surge beyond $105 per barrel, and as long as refinery production of gasoline remains strong. But we’re not completely out of the woods yet – we could also see a sharp reversal in the decline. There remains risk of a spike in prices that could send us to new record levels in August, should any disruptions occur. It could be a wild ride, but for now, the plummet at the pump shall continue,” he said.

Even Monday, you’ll need to keep your eyes out for a deal.

Prices for a litre vary from just under $2/litre to $2.05/litre in Metro Vancouver.

Current gas prices:

• Abbotsford- 205.86 c/L, down 6.5 c/L from last week’s 212.37 c/L.
• Victoria- 206.46 c/L, down 8.5 c/L from last week’s 214.96 c/L.
• British Columbia- 207.65 c/L, down 5.0 c/L from last week’s 212.66 c/L.

To compare, a litre of regular in 2017 was about $1.31. Gas prices on Sunday were about 36 cents higher than they were on the same day a year ago.

Small businesses hurt by gas prices: Industry

Meantime, the Canadian Federation of Independent Business (CFIB) is calling for Canadian premiers to temporarily eliminate or lower federal and provincial fuel excise taxes.

The association says transportation and fuel costs have driven 92 per cent of small businesses to increase prices in the last year. The issues are being compounded by the ongoing supply chain woes and labour shortages and it wants governments to step in.

The association also wants to see carbon tax hikes paused, and to raise the small business deduction threshold up match the increase in inflation

“Every cent counts for small businesses, especially as they navigate skyrocketing input costs and labour and product shortages. Three provinces – Ontario, Alberta, and Newfoundland and Labrador – have provided temporary relief at the pumps—now the federal and other provincial governments need to follow their lead,” said Corinne Pohlmann, Senior Vice-President of National Affairs at CFIB.

The association has started a petition over its fuel fight, calling for more business owners to add their voice. 

With files from Kris McCusker