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'Unprecedented week' as gas prices drop across Metro Vancouver
VANCOUVER -- Average gas prices continued to drop across Metro Vancouver Thursday as oil has seen its value plummet in recent weeks.
On Monday, the average price of a litre of regular gas was 137.5 cents, which was about 10 cents lower than the week prior. But by Thursday, prices were around 120 cents at many Metro Vancouver stations.
"It's been an unprecedented week, one in which oil majors Russia and Saudi Arabia saw anything but eye-to-eye on lowering oil production, leading crude oil prices to plummet 20 per cent in Sunday evening trade, combined with COVID-19 fears escalating," said Patrick DeHaan, head of petroleum analysis for GasBuddy in a news release.
"Gas prices have nowhere to go but down and like a rock."
Shortly after 3 p.m. on Thursday, GasBuddy showed several stations in Vancouver with a 120-cent price posted. Out in the Fraser Valley, prices were about five cents cheaper at some stations.
Along with a dip in gas prices over the past week, GasBuddy says the prices are about 7.2 cents lower than they were on this day last year. They're also about 5.2 cents lower than a month ago.
"Oil has now seen its value cut nearly in half after Iran tensions inflamed prices months ago and it doesn't immediately look like it will get any better," DeHaan said.
DeHann said drivers shouldn't be in a hurry to fill their tanks, saying that "prices will drop in nearly every nook and cranny of the country, from the smallest cities to the largest metros," even though this is a time of year when prices tend to rise.
"The national average came into March like a lamb and will likely be leaving as a lion, with prices roaring lower," he said.