Metro Vancouver gas prices will see 'highly unusual' dip before Canada Day

Drivers in Metro Vancouver are catching a break at the pump just in time for the Canada Day weekend, and experts say that’s “highly unusual.”

GasBuddy petroleum analyst Matt McClain shares some good news: gas prices in the area have dropped noticeably over the past few days.

This welcome change is thanks to easing global tensions and a decrease in crude oil prices, making things a bit easier for everyone.

“Prices still have some room to fall at the local pumps prior to even the holiday weekend, possibly even beyond,” McClain told Daily Hive Vancouver in an interview.

“We’re looking at a continued fall, possibly in the neighbourhood of seven to 12 cents per litre.”

Regular gas prices were sitting in the mid-$1.70s earlier this week but have since dropped to around $1.54 per litre in parts of Metro Vancouver.

Some stations are now reporting prices as low as $1.479 per litre in B.C., according to data from GasBuddy.

The recent drop, according to McClain, is due to Israel and Iran agreeing to a ceasefire, which has alleviated concerns about potential problems with the global oil supply.

Following the ceasefire, oil dropped sharply by around 6%, or roughly $4 per barrel, easing costs across North America.

“Now that we have a ceasefire in place… traders are betting that [it] is going to hold,” said McClain. “That’s great news for motorists.”

A rare holiday weekend dip for gas prices

Typically, gas prices rise heading into long weekends due to increased travel demand. Although Canada Day falls on a Tuesday this year, it’s still considered a weekend where many will be celebrating the holiday or travelling ahead of the day off.

But McClain said this year is shaping up to be different.

“Prices are more seasonal than holiday-driven,” he said.

“What’s unusual is that we’re seeing prices fall into a holiday weekend, and that’s pretty rare.”

Despite the dip, B.C. remains one of the most expensive provinces for fuel.

Vancouver’s current average of $1.54 per litre is higher than in Quebec ($1.51) and much higher than in Saskatchewan or Manitoba (around $1.32–$1.33).

The higher prices aren’t due to volatility, McClain said, but rather the added costs of transporting fuel to the West Coast.

“There’s a little bit of an insulation [from global effects], but logistics and refining costs still impact what drivers pay in B.C.,” he said.

Advice for drivers

While some motorists believe gas prices drop midweek, McClain said those patterns aren’t reliable in Canada.

“This week, for example, Thursday and Friday will likely be cheaper than Wednesday,” he said.

“It’s not about the day, it’s about supply and demand.”

He encourages drivers to maintain their vehicles properly and use apps like GasBuddy to find the lowest local prices.

“You can plug in your route and it’ll show the cheapest stations along the way,” McClain said.

Where to fill up for less

As of 3:30 p.m. PT on Thursday, several Metro Vancouver stations were offering gas for less than $1.53 per litre, according to GasBuddy.

CENTEX on Douglas Road in Burnaby, Super Save Gas on 200 Street in Langley, and Chevron on Oak Street in Vancouver were listed at 152.9 cents per litre.

Meanwhile, Canco Gas on Fraser Highway in Surrey was slightly higher, reporting regular gas at 153.9 cents per litre.

If the ceasefire in the Middle East holds (and if hurricane season remains quiet), McClain said Canadians can expect stable or falling gas prices well into July.

“Everyone likes cheap gas,” he said. “Let’s just hope things stay calm this summer.”

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