Metro Vancouver gas prices drop to lowest level since February

SURREY, B.C. -

Metro Vancouver gas prices are dropping to the lowest levels the region has seen in months.

Drivers were paying 175.9 cents per litre Friday, after a 10 cent drop overnight.

However, Metro Vancouver still has some of the highest fuel prices in Canada and North America.

For comparison, drivers in Toronto were paying 157.9 Friday and in Edmonton, 135.9 cents per litre.

An analyst from the prediction website Gas Wizard tells CTV News the drop in price reflects a pessimistic mood about the economy and the sense that we are already in a recession.

Driving has become increasingly unaffordable in Metro Vancouver.

A series of records have broken over the past several months, with prices reaching an all-time high at 241.9 cents per litre in September.

Many drivers have been forced to change their habits, including planning ahead to reduce the number of trips they take.

While others have switched to smaller vehicles or gotten rid of their cars altogether.

“I miss the old days when it was only 64 cents a litre,” said Ricky Mascardo, a driver from Surrey.

The Chevron gas station in Surrey’s Guildford neighbour was busier than usual Friday morning, as drivers took advantage of the low prices.

Some drivers pulled up with a trunk full of gas cans, trying to get the biggest haul they could.

“Over the next two weeks, I think you're gonna see things remain relatively flat,” said Paul Pasco, a consultant with Kalibrate.

“There's some question about what will happen come December 6. If everything stays stable in terms of the global economy, if we stay where we are right now, I wouldn't project a major jump coming into Christmas,” said Pasco.

Another three cent drop is coming to the Lower Mainland on Saturday which will bring prices to 172.9 cents per litre, the lowest price since February 5.

Unfortunately, Pasco says the cheaper prices are not here to stay.

“I wouldn't be surprised if in April or May next year if we started creeping back up to the $2 mark, if we don't do it prior to that,” he said.

Drivers can help prevent prices from skyrocketing again, according to Pasco.

“Maintain the habits that you've built at the higher price point. That'll help drop demand and that's probably the best thing you could do,” explained Pasco.

He suggests taking any necessary road trips in the next two weeks or so while the prices are low.