The first day of 2024 saw lower gas prices around Metro Vancouver than the same day last year, according to an analyst.
GasBuddy says the price for a litre of regular in the region was 2.3 cents lower on average than they were Jan. 1, 2023. Meanwhile, prices were 4.7 cents per litre lower than a month prior.
Nationally, the company says prices decreased more than 8 cents per litre in the last month alone, sitting at 7.2 cents per litre lower than the same time last year.
“After a brief hiatus, the national average has moved off its recent high, again falling under the 140c/L mark, setting up a potential second attempt at slipping below $1.38 for the first time since 2021,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
“While gas prices have risen in some areas, other provinces have returned to declines, while others have seen taxes cut, and others tax increases. The good news continues for average diesel prices, which slipped below 165c/L and stand at their lowest level since the summer.”
As of Tuesday, prices were sitting in the mid-to-high 160s across much of Metro Vancouver.
Last week, De Haan told CityNews 2024 would likely bring lower gas prices on average, if you “take out the highs and lows,” compared to 2023.
Of course, he says several factors, like refinery issues and the weather, have the potential to push the price at the pump up.
De Haan adds there may be brief moments when the price for a litre of regular will creep up past the $2 mark, but he doesn’t anticipate that being a trend, nor does he expect this to be a record-setting year.
“It’s possible that we may not get to that level if there are no refining issues this year, as we get back closer to normal, right? There have been shockwaves from the COVID pandemic, from also Russia’s war in Ukraine. There are some Middle East tensions to keep in mind for this year but so far there have been a lot of diplomatic efforts to reduce that risk,” De Haan explained.
source & photo: CityNews
