Gas prices to dip further this week: analyst
Posted August 19, 2024 7:41 am.
Slowing demand means you may see prices drop at the pump in Metro Vancouver this week.
This is after prices dropped an average of 2 cents a litre for regular gas in the region over the last seven days, with GasBuddy noting prices on Sunday were 33.5 cents lower than the same day last year.
“Gasoline and diesel prices continue to trail off across much of the country as summer demand fades away. Lower demand in other oil-consuming nations is also helping to lead the downward pressure on pump prices as we approach Labour Day,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
On Monday, some stations were posting a litre of regular gas for about 175.9. Over the weekend, you could find gas for as low as 160.9 in some parts of the region, leading to long lineups at gas stations.
The trend of lower prices is also expected to continue as students head back to school in just a short few weeks.
“With little new action in the Middle East to rile up prices and Hurricane Ernesto remaining far out at sea, it looks like the downward trend could continue into the week ahead. As more schools begin to resume, gasoline demand will likely continue to ease. With the transition to winter gasoline less than a month away for the majority of the nation, gas prices will soon begin their seasonal cooling off- just as temperatures soon will as well,” said De Haan.
