Metro Vancouver gas prices could stay low in June: analyst

Gas prices in B.C.’s Lower Mainland continue to slide despite the summer rush inching closer.

On Thursday morning, prices were as low as 173.9 per litre with most stations in Metro Vancouver selling fuel below the 180 mark.

Gas analyst and president of Canadians for Affordable Energy, Dan McTeague, told CTV News that prices are up to 14 cents cheaper this year compared to last, despite a 3.5-cent increase from the carbon tax.

“It’s not oil, it’s not the Canadian dollar. It really is refineries taking advantage of what they believe are pretty significant crude-to-rack spreads,” said McTeague.

“They’re producing a lot of gasoline.”

McTeague went on to say it appears refineries in British Columbia, Washington state and California are not facing disruptions, leading greater production.

Supply into the market is believed to be at comfortable levels heading into the summer. If it continues, McTeague says prices on the West Coast could remain in check.

“Where traditionally we see prices move above 10-15 cents a litre where they are in the winter, we are now back to prices we haven’t seen here in Vancouver since Feb. 22," said McTeague.

He predicts gas prices will slowly rise in June but likely won’t surge to the numbers of last summer.