The price at the gas pumps dropped three cents per litre Thursday and is expected to fall a further four cents Friday, according to Dan McTeague, senior petroleum analyst at GasBuddy.com.
McTeague says the average price of a litre of gas, which is currently hovering near $1.20 in Vancouver, will drop below $1.16 tomorrow.
A December power failure at the Tesoro refinery in Anacortes, Wash., a major supplier of gas to the Pacific Northwest and southwest B.C., put a chokehold on that supply, sending wholesale prices upward.
With issues now solved at the Tesoro plant, McTeague says gas inventory has risen dramatically which has sent prices tumbling — first in Washington State, and now in B.C.
While the fall in pump prices is welcome news to Vancouver drivers, the average price for a litre of gas here is still much higher than what they are paying in Toronto (99.0), Calgary (85.0), Ottawa (88.6) and other major Canadian cities.
On Wednesday, Vancouver’s average price per litre was 21 cents higher than the Canadian average (98.3).
McTeague explains Metro Vancouver’s heavy gas tax, along with our dependence on gas from outside the U.S. and Alberta —because of a lack of refineries in B.C. — all contribute to higher prices here.
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