Gas prices in British Columbia’s Lower Mainland have taken a downward turn, with the sticker price at many pumps now sitting at 203.9 cents per liter. This marks a 10-cent drop from last week, with prices potentially falling an additional three or four cents this week.
The relief is being felt across North America, with oil prices dropping from $86 per barrel to around $81. This decline was triggered by a decrease in risk premium on oil, which had escalated due to rising tensions in the Middle East last week.
Local factors are also contributing to the lower gas prices. The four refineries in the Pacific Northwest, including the one in Parkland, are operating at high utilization rates, indicating increased production during a time when they typically undergo spring maintenance and switch to summer fuel blends.
However, experts caution that gas prices in the Vancouver area are still the most expensive in Canada and are likely to remain volatile in the coming month as the summer driving season kicks off in the United States. Unforeseen events or developments could lead to a resumption of price increases.
