Drivers in the Lower Mainland of British Columbia were pleasantly surprised on Wednesday as gas prices took a significant dip, with some stations selling regular gasoline for $1.51 per litre. This drop comes after weeks of prices hovering around $1.60 or even higher.
Patrick de Haan, the head of petroleum analysis at GasBuddy.com, explained that the decrease in prices was a result of the restoration of the Olympic pipeline, leading to a sharp decline in wholesale prices. The Oregon pipeline had been shut down due to a state of emergency declared after a leak was discovered late last month.
Despite this recent price decrease, de Haan does not anticipate further drops in gas prices for Lower Mainland drivers in the near future. While GasBuddy reported a decrease in the national average fuel price last week across all provinces, British Columbia did not experience significant changes.
The overall decline in gas prices across Canada is attributed to a combination of factors such as weakened seasonal demand, stable oil prices, and increased refinery output, particularly in the U.S. Midwest, which supplies a large portion of the prairies. Some gas stations have even dipped below the $1 per litre mark, a rarity in recent years, and more stations in select provinces may follow suit in the weeks to come. Unless unexpected disruptions occur, Canadians can expect continued relief at the gas pump as the year comes to a close.
As of November 30th, gas prices in Vancouver were 15.5 cents per litre lower than the same day last year, although they were slightly higher by 0.2 cents per litre compared to a month ago.