Metro Vancouver gas prices expected to plummet

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Some lengthy overdue aid is coming for Metro Vancouver drivers as gas prices are expected to fall dramatically within the subsequent 24 hours.


Prediction web site Gas Wizard is forecasting a drop of about 35 cents per litre by Thursday.


Reports recommend this might mark one of many largest single-day drops in Canadian historical past, bringing native prices to 192.9 cents per litre.


“We’re in uncharted territory. We’ve never seen anything like this before, but one thing is pretty clear, fasten your seat belts,” mentioned Dan McTeague, an analyst for Gas Wizard.


For now, drivers are paying about 227.9 per litre, although it’s a little cheaper at some stations. The all-time excessive was set on Sept. 30 and matched once more Oct. 7 at 241.9.


Analysts say the traditionally excessive prices had been due to tight provide as a significant pipeline and a refinery on the West Coast underwent upkeep.


Now that these services are again on-line, prices are reducing.


“Much of what we saw was a combination of an Italian ship coming in filled with gasoline, and the restart of the Ferndale refinery as well as the all clear from the Olympic pipeline. All those factors play into this but of course, so too does the drop in the value of oil,” mentioned McTeague


However, he warns prices may shoot proper again up once more.


“No one can make any solid longer term predictions more than a couple of hours. It has never been like this before. You could have an interruption unforeseen on the Olympic pipeline or something would happen with Trans Mountain pipeline, and prices could easily jump 20 to 25 cents a litre over a couple of days,” mentioned McTeague.


WHY B.C. DRIVERS PAY MORE


According to a warmth map from Gasbuddy.com, Metro Vancouverites proceed to pay the best prices within the nation.


In Toronto it was 167.9, in Montreal 173.9, and in Edmonton 169.9 Wednesday.


“The West Coast market and B.C. has sort of the tightest ethanol blending biofuel requirements, making the fuel the cleanest, lowest co2 and grams per grams per liter. So it’s the least carbon impact fuel, but unfortunately, that’s the most expensive fuel to produce,” mentioned Paul Pasco, principal advisor with Kalibrate.


Premier John Horgan says he’s excited to see prices lastly dropping.


“If we can see a drop of that much overnight. It’s not because of government policy, it’s because of the volatility in the market,” mentioned Horgan.


He’s adamant that taxation just isn’t the problem.


“These are internationally traded commodities and government has very little control over the final price and the taxes that are put into a litre of gas, go towards our transit system and go towards building new bridges filling holes in our roadways,” mentioned Horgan.


However, he sympathized with drivers.


“I know that people would like to see their prices come down. That’s why we brought forward a bunch of measures to put money back into people’s pockets to help us get through this inflationary storm that we’re experiencing not just here in B.C., but around the world,” mentioned the premier.


Pasco agrees that there’s not loads the federal government can do to stabilize the market.


“We’re supposed to be a carbon neutral future and the phasing out of hydrocarbons is a fuel. So there is no motivation for the refiners to add substantial refining capacity this time as all demand forecasts show that we should see it start to fall,” he mentioned.


Analysts predict prices may drop an extra 5 to 10 cents a litre by the weekend. 

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