Lower Mainland drivers looking to fill up their tanks are being advised to hold off until Wednesday if they can, with a significant price drop expected.
The move is a result of the end of a week-long maintenance period on the Olympic Pipeline in Washington state, according to petroleum industry analyst Dan McTeague.
“The good news is that maintenance period is over, so the drop in one fell swoop tonight of eight cents a litre … is real,” he said Tuesday.
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“This time last year we were pushing here in the $2.30 range for gasoline. The fact we’re 33 cents a litre tomorrow less than that is northing short of remarkable, including the fact that carbon taxes have gone up about three, three-and-a-quarter cents a litre.”
The average price at the pump across the region as of Tuesday morning was about $2.05 per litre.
McTeague said that despite the start of the busy summer driving season and the approach of the Canada Day long weekend, prices are expected to stay fairly stable in the weeks ahead.
He attributed that stability to recession and interest rate fears and a gloomy economic outlook on the world markets projecting stagnant demand.
He said he anticipates a four-to-six-week period with prices hovering in the $1.90 to $2.10 range “unless something dramatic should arise.”