It is one of the biggest single drops in gas prices in Canadian history.
On Thursday, gas prices across Metro Vancouver fell 35 cents from Wednesday, bringing the price to $1.93 a litre in most locations.
Just two weeks ago, gas prices in the region reached an all-time high of $2.42 a litre, breaking the record for the most expensive gas in North America.
A big reason behind the surge was refinery capacity in the Pacific Northwest with a shortage caused by wildfires and refinery maintenance.
This is the same reason behind the drop in prices now.
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“The major drop in gas prices that you are seeing is due to the refineries starting to come back online on the west coast. We’re seeing that capacity return to the market and it’s allowing prices to start to fall,” Paul Pasco, principal consultant at Kalibrate told Global News.
“We’re back to where prices should have been if you followed the rest of Canada for the last two months.”
However, with a limited refinery capacity and no plans to expand it, Pasco said prices could rise again.
“Unfortunately that’s leaving us sort of teetering on the brink of just barely being able to supply ourselves with adequate fuel to keep prices low so any time we lose any production capacity we’ll see prices move substantially,” he added.
However, Pasco does expect prices to fall another eight cents Friday and last until mid-November.
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