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‘Significant savings’: Price of gas in B.C. has dropped 30 cents a litre the past month

The price of gas in Kelowna, B.C., on Dec. 14, 2022. Global News

Just in time for holiday shopping: Falling gas prices.

Since the beginning of December, the price of gas per litre has fallen substantially across British Columbia.

For example, the website GasBuddy.com was reporting prices of $1.499 to $1.659 in Metro Vancouver on Wednesday. According to another website, CAA National, that’s down from November’s provincial monthly average of $1.884 per litre.

“Coast to coast, both Canada and the U.S. are seeing prices plummet,” said Patrick De Haan, head of petroleum analysis at GasBuddy, adding there have been very significant declines in the last five weeks.

“Prices in B.C. are down 30 cents a litre from a month ago, so a penny a litre a day. That’s a pretty good decline.”

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De Haan said the national average as of Wednesday was $1.399 — 1.5 cents above the average one year ago.

“In the U.S., (average) prices are now lower than they were a year ago, and that’s where Canada is headed,” said De Haan.

“Keep in mind with Canada’s carbon tax, GST rates, it’s been a little bit more difficult for Canada to get under those year-ago metrics, but coast to coast in Canada, prices are down in every province.”

Click to play video: 'Price of gas in Greater Toronto Area drops to lowest level since January'
Price of gas in Greater Toronto Area drops to lowest level since January

In B.C., this week’s provincial average of $1.577 per litre is up slightly from the average price one year ago of $1.502.

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Still, that’s considerably cheaper than when prices were at $2.10 to $2.20 a litre earlier this year.

The long-term good news? These prices could be here for a while, with De Haan noting the price of oil has fallen to $71 a barrel — the lowest level well before Russia invaded Ukraine.

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He also said refining capacities have finished their seasonal maintenance, which has helped boost production.

“This has helped push supply up,” said De Haan. “And that’s bringing prices down as well.”

Not surprisingly, B.C. still has the highest gas prices in the nation. Below are Wednesday’s provincial averages as of Wednesday:

  • B.C.: $1.577
  • Alberta: $1.277
  • Saskatchewan: $1.376
  • Manitoba: $1.499
  • Ontario: $1.349
  • Quebec: $1.459
  • Newfoundland and Labrador: $1.535
  • Prince Edward Island: $.1485
  • New Brunswick: $1.499
  • Nova Scotia: $1.411

Below are gas prices for various cities in B.C. on Wednesday, as per Gasbuddy.com:

  • Victoria: $1.519 to $1.599
  • Nanaimo: $1.539 to $1.559
  • Courtenay: $1.519 to $1.619
  • Vancouver: $1.539 to $1.619
  • Surrey: $1.539 to $1.619
  • Abbotsford: $1.449 to $1.529
  • Chilliwack: $1.479 to $1.529
  • Hope: $1.469 to $1.519
  • Kamloops: $1.499 to $1679
  • Vernon: $1.459 to $1.519
  • Kelowna: $1.419 to $1.499
  • Penticton: $1.509 to $1.599
  • Osoyoos: $1.619
  • Grand Forks: $1.579
  • Trail: $1.647 to $1.657
  • Cranbrook: $1.669 to $1.699
  • Revelstoke: $1.689 to $1.769
  • Williams Lake: $1.539 to $1.579
  • Prince George: $1.539 to $1.599
  • Fort St. John: $1.533 to $1.779
  • Terrace: $1.719 to $1.749

Said De Haan: “When you’re talking about a tank full of gas that’s $30 less than where it was in Canada compared to earlier this year, that’s significant savings.”

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