Metro Vancouver gas prices are set to drop substantially again this week after falling over six cents per litre in the Lower Mainland on the weekend.
Dan McTeague, a Senior Petroleum Analyst with GasBuddy.com, tweeted about the drop in Metro Vancouver prices on Tuesday, June 4.
He notes that the Lower Mainland is set to see a three cent per litre drop overnight on Wednesday that will bring prices down to 153.9 cents per litre. Following this, however, prices are expected to fall an additional six cents on Thursday to 147.9 cents per litre.
⚠️⛽️Alert: #Vancouver and the Lower Mainland to 👀 a 3 cent/litre drop overnight for Wednesday putting ⛽️ prices down to 153.9 cents per litre FOLLOWED by a 6 cent/litre DROP to 147.9 cts/l for Thursday. Build in PNW fuel supplies & concern over trade sending mkt prices crashing
— Dan McTeague (@GasBuddyDan) June 4, 2019
With this in mind, British Columbians still pay far higher prices for fuel than the rest of Canadians. A quick scan across the country on Gasbuddy.com’s interactive heat map shows just how much more residents of B.C. pay than the other provinces. As such, the drop in Vancouver prices has been seen as a welcome respite from the sky-high costs.
As to whether the prices will last into summer, analysts aren’t quite sure.
McTeague told B.C. resident @terrybc1 on Twitter that it was, “Hard to say Terry. There’s a lot of worry over international trade and any deficit in oil production will be met by US production.”
Furthermore, McTeague has stated that the current drop in fuel prices is attributed to unstable economic conditions around the globe. He states that energy prices have been affected as traders react to, “Trump’s threats of increased tariffs on China and duties on Mexican imports to address the non-trade issue of migration.”
So, while the drop in prices has been welcomed at the pumps, McTeague highlights that the threat of, “a possible global recession, is not.”