Gas prices fall in Metro Vancouver to lowest level in months
Posted November 18, 2022 7:03 am.
Last Updated November 18, 2022 7:04 am.
Gas prices dropped once again heading into the weekend, with many Metro Vancouver stations posting some of the cheapest supply the region has seen in months.
A litre of regular was being sold for an average of 175.9 in most parts Friday morning, marking a drop of six cents from Thursday.
In total, the region has seen about a 30 cent drop in gas prices this week alone.
On Thursday, Paul Pasco, principal consultant with Kalibrate, told CityNews refineries are currently pumping out enough supply to meet demand.
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“Refinery pressures are gone and crude is taking a break at the moment,” he said. “So prices should mellow for a few weeks and then there is a bit of unknown for the start of December. Right now it looks ok but with Russian sanctions there are dynamics.”
However, Pasco noted some potential uncertainty heading into December, saying that’s when Russian sanctions on crude oil will hit.
“We are already seeing India decrease their purchasing volumes of Russian crude (they cannot find tankers) so supply could tighten a little bit. And China has not changed COVID policies yet or indicated that they will, so demand is remaining low. Chinese refiners are back up and running and no longer stock-piling crude either,” he wrote in an email to CityNews.
