Metro Vancouver sees massive 35-cent drop in gas prices overnight

For the first time in weeks, Metro Vancouver drivers are filling up their tanks with regular fuel that costs under $2 per litre.

Overnight the cost of regular fuel dropped from $2.279 per litre to $1.929 per litre.

Cost of fuel at Mount Pleasant, Vancouver gas station (Arash Randjbar/Daily Hive)

This is a 35-cent difference in less than 24 hours.

Compared to Wednesday and Thursday, this relief saves some drivers around $15 to $20 for 50 litres.

What a ripped off!! ESSO has the price of 217.90/liter while the rest of the gas station is only 192.9/liter. Last night to today's price. #gasoline #Gas #Oil #Vancouver #Coquitlam pic.twitter.com/WaWNdcDrBT

— Jhoveleen (@jhovdavid) October 13, 2022

Gas price alert — Langley Costco 1.88.9/ litre

— Bill Amos (@billamos) October 13, 2022

In the past few weeks, the region shattered North American records for gas prices several times.

The last record smashed was last week when the gas stations charged $2.419 a litre.

Earlier in the week, Paul Pasco with Kalibrate predicted prices would fall under $2 overnight and added, “with some luck, there is room in the market for another 5 to 10 cents a litre before the weekend.”

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Pasco told Daily Hive Urbanized that the Phillips 66 Ferndale Refinery in Washington State shut down for maintenance at a less-than-ideal time as Canada was already tight on supply. But that wasn’t the only reason.

“We are just seeing the refineries on the West Coast coming back up, there was almost 1 million barrels a day out last week at this time and it is all starting to come back online. So even though oil prices are up slightly the impact of increased demand is resulting in gasoline prices being able to fall,” said Pasco.

Pasco expects we will see another jump in prices come November but said “it should not equate to much more than 5 cents per litre,” adding, “in the immediate future there is nothing on the horizon that should drive your prices back to the record highs that we just saw.”

With files from Amanda Wawryk