Metro Vancouver drivers are being urged to hold off on filling up their tanks Friday. Gas prices are expected to drop significantly on Saturday, topping off a week of rollercoaster prices for Metro Vancouver drivers.
Prices have been all over the map due to market volatility and the end of the consumer carbon tax. On Friday morning, prices were sitting at 187.9 cent per litre in the Lower Mainland.
“The good news is if you can wait, it drops nine or 10 cents a litre tomorrow,” said Dan McTeague, a petroleum analyst for Gaswizard.com.
“So best to wait until tomorrow. And even if you have to push your car into the gas station, wait until then, you’ll probably save what could amount to at least $5 to $10 depending on the amount of fill.”
Gaswizard.com says market volatility from the U.S. trade war has contributed to the decrease. The switch to the more expensive summer blend of gasoline is happening on April 15 so refineries are liquidating their supply of winter blends.
The province eliminated its consumer carbon tax on Tuesday, dropping prices about 17 cents per litre.
However, because prices had been surging in the weeks that led up to the change, many drivers raised concerns about price gouging.
“The fact is that what happens in the United States matters, and our policies here can only go so far,” said McTeague.
“The fact is that we were likely to see, hopefully, what could be the cresting of this price. Had we not had that 18.5-cent decrease temporarily on the carbon tax, you’d be paying well over $2, maybe even closer to $2.10 a litre today,”
A lot of gas stations in Metro Vancouver are now shaving their retail margins, trying to compete against each other. So using price-tracking apps could save drivers a significant chunk of change right now.
“The tried-and-true is never buy your gasoline in the morning. Don’t even buy it at noon. Wait until after four or five o’clock in the afternoon, and that’s when you’ll see gas stations shave their retail margins,” said McTeague.
