Metro Vancouver gas prices could drop overnight, says expert

Dec 19 2017, 4:35 pm

Looking to fill up for the long weekend? Maybe wait another day.

Metro Vancouver gas prices could be looking at a four cent per litre price drop over night, according to Dan McTeague, senior petroleum analyst for gas price website

“[The prediction] is based on what oil companies do, as well as refiners and resellers, in any given market,” McTeague told Vancity Buzz. “The market is, of course, established in the United States at the New York Harbour, but there are other relevant markets for the purposes of Vancouver.”

McTeague says large shipments from Newfoundland arriving in Los Angeles lead to a 20 cent per gallon price drop across the Pacific Northwest. With the Canadian exchange rate, that translates to the four cent per litre drop predicted for tomorrow.

Because the price of fuels tends to be determined in US terms, McTeague says it’s always important to know the strength and value of the Canadian dollar, since it can point to where fuel prices will go within 48 hours. While prices drop tomorrow, the constant shifting of the loonie could start bringing them back up as soon as Saturday.

“The market’s not settled yet,” says McTeague.

You can follow McTeague’s predictions for fuel prices, follow him on Twitter or visit his website Tomorrow’s Gas Prices Today.