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‘Historic’ drop in price expected at Metro Vancouver gas pumps Thursday

A gas pump is pictured in North Vancouver on April 17, 2019 THE CANADIAN PRESS/Jonathan Hayward.
A gas pump is pictured in North Vancouver on April 17, 2019 THE CANADIAN PRESS/Jonathan Hayward. THE CANADIAN PRESS/Jonathan Hayward

After Metro Vancouver saw record-highs at the gas pumps this year, the region could finally see some relief on Thursday.

Petroleum analyst Dan McTeague says the price at the pump should drop 10 cents a litre Thursday, with another five cent drop on Friday.

“A lot of gas stations Friday morning should see $138.9,” he said.

“Of course we know here in Metro Vancouver a lot of gas stations by the evening like to set some of those retail margins. It wouldn’t surprise me to see some of those stations at or just under $1.30 for the weekend.”

READ MORE: ‘Avoid filling up’: Gas prices spike in Metro Vancouver

McTeague calls it historic.

“It is such a large amount, 15 cents in just two days. I can’t remember a time that I’ve seen prices drop like that.”

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He says the reason is simple. Prices are just normalizing after a supply crunch in October.

“Much of that supply crunch has dissipated and now what we’re really looking at is prices getting back to normal.”

READ MORE: B.C. gas price inquiry: No collusion, but unexplained price difference costing $490M per year

It comes after a rocky year at the pumps for Metro Vancouver.

In April, the region saw an all-time high of $178.9.

The record-breaking price was blamed on refinery closures along the west coast.