Vancouver gas prices dropping after October spike
breathe a sigh of relief at the pump with gas prices declining 5.5 cents per litre this past week after prices spiked to 163 cents per litre last month.
According to Gasbuddy’s daily survey of 427 outlets in Vancouver, average retail gas prices have fallen 5.5 cents per litre in the past week, averaging 142.69 cents per litre Sunday. The national average has also fallen by 1.5 cents per litre in the last week to 117.98 cents per litre.
Dan Mcteague, senior petroleum analyst at Gasbuddy, told Starmetro the price drop is a “long overdue price correction.”
The price drop would have started sooner if it weren’t for “significant disruptions” from the ruptured natural gas pipeline owned and operated by Enbridge sparking a massive blaze near Prince George, Mcteague said. He added that the pipeline supplies a third of Vancouver’s fuel, and has been repaired by 80 per cent but the process is expected to be much longer. Prices, he said, are likely to remain “stable” until next year barring any dramatic events.
In an analysis, Mcteague stated consumers could see further declines.
“Externally, factors such as serious trade tensions between the U.S. and China and the official start of the U.S. embargo on Iran could accelerate further declines especially with many refineries returning from fall maintenance, thus increasing overall supplies.” The average cost (cents per litre) of gas on Sunday in Vancouver