If there was ever a good time to fill up the tank, that time has arrived.
Gas prices are falling across the country, and in Metro Vancouver it has reached an eight-month low. On Tuesday morning, according to Vancouver Gas Prices, the cost for regular gas was as low as $1.223 per litre in Langley and $1.259 at pumps located on Vancouver’s West Broadway corridor.
Gas prices are currently no more than $1.289 per litre in Vancouver and $1.309 per litre in Surrey. In contrast, this past June, prices reached highs of $1.52 per litre and even $1.549 in Surrey.
There are several reasons why the cost to fuel up has hit new lows. North American crude oil prices have fallen from a high of $107 per barrel during the summer to $87 per barrel – the lowest since December 2012.
Much of this can be attributed to oversupply due to falling demand, particularly in Asian markets. In addition, refineries are now in the process of transitioning from summer to wintertime fuel blends.
Summer-grade fuel is more expensive to produce than winter-grades as additives are added to reduce pollution during the peak ozone season. These additives are not needed during the cold winter months.
Low gas prices are expected to continue for the foreseeable future, assuming any existing or new major geopolitical events do not cause for speculation in the markets.
To search for the lowest gas prices in Metro Vancouver, click here.
Vancouver gas prices over the last 24 months
Image: Vancouver Gas Prices
Feature Image: gas station pump via Shutterstock