Gas prices expected drop by 7 cents overnight: GasBuddy
Published Friday, December 28, 2018 4:07PM PST
Last Updated Friday, December 28, 2018 7:09PM PST
If you're looking to fill up for the weekend, you might want to wait another day.
Gas prices in Metro Vancouver are expected to drop around seven cents by Saturday morning, according GassBuddy.com analyst Dan McTeague.
With most stations in Vancouver selling at between 133.9 and 140.9 cents per litre on Friday, that means drivers in the city could see prices as low about $1.27 by the weekend.
If McTeague's predictions materialize, parts of the Fraser Valley, including Langley and Abbotsford, could see prices drop below the $1.20 mark. The cost of fuel in most other communities would fall somewhere in between.
"Take advantage of this while you can," McTeague said.
While the lower prices at the pumps are welcome news for those looking to fill up this weekend, McTeague said the trend won't last.
"This is probably as good as it gets," he told CTV News Friday, adding that OPEC nations have been overproducing oil and are likely to begin to curtail their output in the year, leading to higher prices.
"There's a glut and that overhang is likely to start to get whittled away beginning in January."
McTeague said the "extreme volatility" seen in various parts of the world economy is likely to translate at the pump in 2019, adding that gas prices are likely to fluctuate "in peaks and valleys."
"You're going to see low prices as you see now, but you're also going to see significantly higher prices," he said, adding that the change will perhaps be most noticeable in April when carbon taxes increase in eight out of 10 provinces and refineries switch to producing the more expensive summer blend.
McTeague said prices in 2019 are like surpass this records set this year.
On Oct. 13, many stations in the region were charging 163.9 cents per litre, nearly 40 cents higher than the national average at the time.
With files from CTV Vancouver's Allison Hurst