Gas prices in Metro Vancouver just dropped significantly

Some financial relief can be seen at the pumps Monday after gas prices took a significant dive in parts of Metro Vancouver.

Some gas stations are selling regular for less than $2 per litre, and many are showing even less than that.

At Clark Drive and 12th Street, the price was reported as low as $1.89 per litre of regular, a 15-cent drop from Friday.

However, it still remains well above what drivers were seeing this time last year.

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According to Gas Buddy, the drop was seen beyond Metro Vancouver, with overall declines across the US as well.

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Gas Buddy says that the dip in prices is due to the price of oil.

“It was a busy week in oil markets, which started last week above $90 for WTI and nearly $99 for Brent crude with some strength due to optimism that China would back off stringent COVID policies, a weakening dollar, and continued supply tightness. Oil eventually saw a drop of over three and a half dollars last week, closing the week back under $96 for WTI and under $95 for Brent,” a blog piece on Gas Buddy’s website reads in part.

While many are seeing cheaper gas, those who use diesel-powered vehicles are still paying high prices.

“The national average price of diesel has risen 2.3 cents in the last week and stands at $5.34 per gallon,” it said.

In Vancouver, the price of diesel at the pump was reported at $2.269, significantly pricier than gas.