It might be the time of year when gas prices shoot up to exorbitant levels, but Vancouver’s summer petroleum prices have now hit a six year low.
Dan McTeague with GasBuddy.com told Daily Hive that crude oil has dropped to below $40 a barrel, and gas prices are following suit.
“We’ve seen a nine or 10 cent decrease in Metro Vancouver just in the past month, and that’s likely to continue into a further four to five cent decrease over the next few days,” he says. “As early as Thursday, we could see a two cent decrease.”
The top price in the city at the moment is $1.15 per litre, while lower prices are along the lines of $1.12. That means gas will fall below the $1.10 range shortly, says McTeague.
While demand is stable, McTeague says it’s not as high as last year, creating a “glut” of gasoline from producers who expected more demand.
The last time gas prices were this low was back in 2010.