Gas prices expected to drop dramatically on Vancouver Island

Gas analysts are predicting a 20-to-35-cent drop in fuel prices over the next 24 hours on Vancouver Island and the Lower Mainland.

That's good news for Island residents like Cindy Gamble, who was about to fill her gas tank, but instead decided to just pump $5. She says she’ll come back for the rest tomorrow once the price at the pump has dropped.

“I’ll wait,” said Gamble.

On Sept. 29, the price of fuel hit an all time high in the capital region, topping out at 239.9 cents a litre.

If the prediction is correct, Thursday could bring the biggest single-day drop in Canadian history.

“(It) probably is,” said Paul Pasco, principle consultant with Kalibrate.

“It’s about a 15-per-cent drop, which is pretty substantial.”

Pasco says gas prices have been on the rise due to refineries on the west coast being shut down for maintenance at a time when Canada was already tight on supply.

Now, those refineries are back up and running.

“With that return of extra supply to the market, prices have been able to relax,” said Pasco.

“It will make a big difference,” said Saanich resident Mary Ann Hopkins.

“We will see how long it stays there for.”

Pasco predicts prices will stay put after the drop, throughout the winter months.

“I’m not expecting anything that should push prices back to the record highs they were at, most recently,” said Pasco.

Some residents CTV News spoke to called for a reduction in fuel taxes to make gas prices more affordable.

“Our provincial carbon tax, I’m sure we could do without that and help a lot of folks out,” said Landas Branson, a resident of Saanich.

Premier John Horgan says gas companies, not government, are to blame for record high prices.

“If we could see a drop of that much over night, it’s not because of government policy, it’s because of the volatility in the market,” said Horgan.

He added that taxes on fuel go back into the provincial infrastructure.

“The taxes on a litre of gas goes towards our transit system, they go towards building new bridges and filling holes,” said the premier. “These are tax dollars that go to work to help the travelling public.”

With prices at the pump expected to come down drastically overnight, Gamble will be back tomorrow to top-up her tank.

“Might as well, because any penny saved is put somewhere else,” she said.

It’s a savings that can help cover the cost of everything else that has been touched by rising inflation.