While it might seem like gas prices always climb ahead of holiday long weekends, an industry expert says it’s not the case.
“I think a lot of people believe the myth that prices go up for the holidays,” said Patrick De Haan, analyst with GasBuddy.com. “When, in fact, it’s really just dependent on commodity prices as we approach the holiday.”
The price of gas dropped by nearly seven cents on P.E.I., over six cents in New Brunswick, and more than seven cents in Nova Scotia. The price of diesel also fell on P.E.I. and slightly in Nova Scotia, but New Brunswickers are paying more.
De Haan says this week’s gas price adjustments are on trend.
“As we know, we’ve seen prices trailing off for much of this summer,” said De Haan. “That’s the normal trend. Prices generally spring forward into the spring and fall into the fall.”
There are a number of factors involved in dropping prices, but De Haan says the single biggest right now is concerns about an economic slowdown reducing the long-term demand for gas.
Regardless of why, this week’s adjustments are a break at the pump after a tough spring and summer gas season.
“Oh it’s great,” said Brian Duffy while filling up his vehicle. “It’s been pretty brutal at the tanks here since COVID. And with the cost of everything today, you got to watch what you do and where you go.”
It’s also good news for savvy motorists who waited to fill up.
“Lovely, absolutely lovely,” said Susan Holland, while she stood at the pump. “My tank is actually running on air right now, so I’m very happy.”
Gas prices would have dropped further on P.E.I., but the Island’s gas regulator approved a temporary one cent per litre retail margin increase for gas stations while reviewing a permanent increase.
