Gas prices drop around Lower Mainland

Lower Mainland drivers may have spotted some welcome news on Wednesday morning after gas prices dropped by nearly a dime.

Some stations around the region were posting $1.51 per litre for regular after the price had been hovering around the $1.60 mark, or higher, for the last few weeks.

Patrick de Haan, head of petroleum analysis with GasBuddy.com, tells 1130 NewsRadio what’s behind the decline.

“Wholesale prices plummeted due to restoration of the Olympic pipeline.”

The Oregon pipeline was turned off as the state declared a state of emergency after a leak was detected late last month.

De Haan doesn’t expect drivers in the Lower Mainland to see another drop in prices at the pump in the coming days.

Last week, GasBuddy said Canada’s national average price for fuel went down, along with every province; however, B.C. didn’t see any major movement.

“The trend has been driven by seasonally weaker demand, stable oil prices, and improved refinery output — particularly in the U.S. Midwest, which supplies much of the prairies. Even a few stations have now dipped below $1 per litre — a threshold not seen in years — and we may see a few more stations in select provinces hit that mark in the weeks ahead. Barring any major disruptions, Canadians could continue to enjoy further relief at the pump as we approach the end of the year.”

For some added context, gas prices recorded in Vancouver on Nov. 30th, were 15.5 cents per litre lower than the same day one year ago but was 0.2 cents per litre higher than a month ago.