Gas analysts say now is the time to fill up a tank in Metro Vancouver.
According to data from 427 stations, the average price of gas in Metro Vancouver has dropped by over 10 cents per litre in the past week, to $1.65 per litre on Sunday.
Meanwhile, GasBuddy.com says the national average increased by 2.5 cents per litre in a week to $1.34 per litre.
Head of petroleum analysis Patrick De Haan says the national average has reached its highest level since November.
While Metro Vancouver enjoys its relatively low prices, De Haan says it won’t last.
“Looking ahead, markets will now begin reacting to this weekend’s U.S.-Iran attacks, which have elevated geopolitical risk premiums even in the absence of immediate supply disruption,” he explained.
De Haan says the market will be unstable as the world reacts to uncertainty, especially involving key transit routes.
U.S.-Israel attacks on Iran have already disrupted tanker traffic through the Strait of Hormuz at the southern end of the Persian Gulf, through which 20 per cent of the world’s oil supply passes.
“In the week ahead, gasoline prices are likely to face continued upward pressure as seasonal maintenance progresses and markets navigate this evolving geopolitical landscape.”
As of Monday morning, stations in Vancouver were advertising prices as low as $1.58 per litre.
—With files from The Associated Press