Vancouver Gas Prices Just Dipped Below $1 & They Could Keep Dropping
Lower demand means lower prices.
Vancouverites haven't seen gas prices this low in over a decade. Gas stations around Vancouver were reported having prices as low as 99.9 cents this week. Vancouver gas prices could dip even lower during the pandemic, depending on global demand.
604 News reported that the gas prices at the Esso on Marine Drive and 70 Avenue and the Chevron at King Edward Avenue & Oak Street showed the gas prices to be 99.9 cents per litre on Thursday, March 19, 2020.
Gas prices across the entire country have been dropping over the past few weeks. Alberta saw their pricesper litre over a week ago. Ontario is also this week to as low as 78 cents per litre.
We might not be as fortunate as that over here on the west coast, but it's still a massive win by any standard.
The go-to player in terms of gas prices is Gas Buddy, an online tool that lets you view prices across multiple gas stations in your chosen city or region.
The prices are getting updated in real time, so prices will change before your eyes.
We checked out the latest Vancouver gas prices at the time of writing, and the lowest number we saw was reported at the Petro-Canada station in Richmond, which listed gas as 99.9 cents per litre.
So you really have to stay on top of the app to see where the biggest changes in gas prices are taking place.
Global News reported that Metro Vancouver gas stations have hit a 17-year record low as certain stations were reported to have prices as low as $1.1.
They spoke to petroleum analyst Dan McTeague who said that these price drops are connected to peopleto contain the spread of COVID-19.
Meaning that if fewer people want to leave the house, then fewer people are going to want to fill up their vehicles. The drop in demand is thus reflected in the low prices.
Even though it's a great time for us to fill up the tank and take advantage of these low prices, the crashing oil and gas prices have reportedly sent the Canadian oil market into a full-on crisis, according to the Financial Post.
Kevin Birn, an oil sector analyst, said that he expects global demand to fall further in the coming weeks. So based on that logic, gas prices across Canada could dip even lower.
That being said, analysts at the Financial Post have said that there is very little certainty about the state of prices going forward. It's anyone's guess at this point as to how long it will take for global demand to recover.
Demand is the name of the game when it comes to gas prices, but at this point, all we can do is find a silver lining in the low prices and fill up our tanks without breaking the bank.