Lower Mainland gas prices to drop slightly: analyst

But GasBuddy’s Dan McTeague warns that prices will stay above 140 cents per litre

You might want to wait a few days to fill up your gas tank in Metro Vancouver.

Dan McTeague, with the gasbuddy.com, says the high prices are set to come down by Wednesday.

“I’m looking at a two-cent decrease, so the high end will be 143.9 cents a litre,” McTeague said. That’s down from a high of 147.9 cents on Sunday and a slight drop to 145.9 on Monday.

“It’s a bit of a tug-of-war as to what happens over the next couple of days,” he added, “but I sense that there’s still room for another two- to three-cent decrease.”

Lower Mainland drivers had been cringing, anticipating prices at the pump to hit 1.50 cents a litre, but McTeague said no one needs to worry – yet.

The higher prices are being driven by global demand for gas, particularly in the U.S., he said, and are not helped by Canada’s reliance on foreign oil.

“We don’t have enough domestic gasoline to meet demand [so] we’re beholden to the highest of prices.”

The only refinery in the region is the Shell facility in Burnaby, which McTeague said has steadily produced 45,000 barrels of oil for decades.

Metro Vancouver, with its extra gas taxes, is bearing the brunt of the cost hike, but gas stations in the Fraser Valley are seeing prices higher than usual.

“It should be 133.9,” McTeague said. “If it’s any higher than that, they’re just increasing their retail [margin]. I’m seeing 136.9 and to those stations I say, ‘Calm your enthusiasm.’”


@katslepian

katya.slepian@bpdigital.ca

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