VANCOUVER (NEWS 1130) – Good news drivers, expect the price at the pumps to take a decent dip tonight.
Gasbuddy.com senior petroleum analyst Dan McTeague says we’ll see a four-cent drop by the end of the night.
“That’s pretty much right across the entire Lower Mainland as well. Much of this has to do with the restart of a refinery just south of the border in Tesoro’s refinery in Anacortes. That’s part of the reason why this has fallen as dramatically as it went up last week. Of course there could still be another penny, maybe even a two-cent decrease in the next couple of days,” says McTeague.
The current price at the pump is just under $1.27.
“A pleasant decrease is going to take place for Vancouver and the Lower Mainland tonight. (The price will drop) four cents a litre so if you’re paying a dollar twenty six point nine right now you might want to hold off until later this evening when that price will be a dollar 22 point nine,” says McTeague.
That drop also has to do with ongoing international concerns over the Brexit vote, which could see things fall even further.
Of course there still could still be another penny or maybe even a two-cent-a-litre decrease which would put us well below the dollar-twenty threshold and would really put us at pump prices we haven’t seen certainly at this time of year, going back to about 2010.”
The Anacortes refinery had to shut down suddenly last week for emergency maintenance.
“And that caused the spike last week that we saw which was three or four cents a litre,” says McTeague.
And he expects those gas prices to remain low for the rest of the summer.
“I think that this is going to be a very cheap summer relative to the last five or six summers that we’ve seen. I have a sense that this is still going to drop another two or three cents a litre. Demand is not as strong as in the United States and supply is better than it was this time last year so I tend to think we may be down well below the dollar twenty range at the highest throughout Metro Vancouver.”