On Wednesday, the price of benchmark West Texas Intermediate closed at US$110.36, down nearly 11 per cent from the previous day’s trading. It marked the first significant pullback since the war in Ukraine started and sent oil prices soaring.
GasBuddy.com analyst Patrick de Haan says lower crude prices are good news for drivers, but will only serve to slow the rate of increase at the pumps.
He says retailers haven’t fully passed recent cost increases on to consumers yet, so oil prices are going to keep rising for a while yet.
Natural Resources Canada data shows the daily national average retail price for gasoline Wednesday was $1.87 per litre. In parts of B.C., including Vancouver, prices have topped $2 per litre this week.
Gasoline price forecasting site GasWizard.ca predicts Montreal and Quebec City will break the $2 per litre threshold today, while many Ontario locations could see gas prices as high as $1.90 per litre.