Metro Van gas prices expected to continue dropping: analyst
Posted June 3, 2024 11:27 am.
Gas prices remain stable around the Lower Mainland to start the week, as some industry insiders expect they’ll continue to drop as we inch closer to Canada Day.
GasBuddy says average retail prices around the region have fallen about 9.5 cents per litre of regular in the past week. On Sunday, they averaged 182.51 c/L, it notes.
Listen to CityNews 1130 LIVE now!Nationally, the average price fell 2.5 c/L, sitting at about 161 c/L.
“The calendar has closed on May, and so too has the door closed on rising gas prices, with the national average declining to its lowest level since March. Thankfully, gas prices are unlikely to be moved by OPEC’s meeting and agreement to extend production cuts into 2025, leading the national average to fall below 160c/L in the next week,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
“With GasBuddy data showing gasoline demand plummeting after May long, and refiners inputting the largest amount of oil into their facilities in years, it’s very likely we’ll continue to see gas prices fall as we approach Canada Day.”
De Haan says diesel prices also continue to drop, adding they are at their “lowest level in nearly 11 months.”
Despite some optimism, he admits hurricane season could have a major effect on the price at the pump.
