Gas prices fall in Metro Vancouver, another dip expected before weekend

Gas prices in Metro Vancouver fell significantly Thursday morning with another dip expected before the weekend.

Some stations posted prices that were about six cents per litre cheaper than Wednesday, and are now hovering around 210.9.

Gas price analyst Dan McTeague told CTV News Vancouver prices are expected to drop another five cents on Friday, to around 205.9.

Prices have fluctuated dramatically in recent weeks, with McTeague pointing to tensions in the Middle East and a recent interest rate decision in the United States as possible factors.

"Then of course we have to look at the supply picture. Oil supplies have risen in the last week, dramatically so," he said, adding supply estimates from the U.S. Energy Information Administration are sometimes readjusted at a later date. "For now, it appears demand is stable and supply is increasing, especially here in the Pacific Northwest where refinery utilization has gone up."

McTeague said drivers should expect higher prices in the summer as more people take to the roads.

"For now, markets have backed off," he said.

With files from CTV News Vancouver's Kraig Krause