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Gas prices predicted to drop more than 30 cents overnight in some parts of B.C.

Pump prices expected to be back under $2 per litre by Thursday (Oct. 13)
People fuel up vehicles at a Shell gas station in Vancouver, on May 14, 2022. Petroleum analysts say record high prices could drop back below the $2 per litre mark by Oct. 13. THE CANADIAN PRESS/Darryl Dyck

Metro Vancouver and Greater Victoria gas stations are predicted to see a historic price drop overnight Wednesday (Oct. 12), as West Coast refineries get back up and running.

Currently sitting at as high as $2.30 per litre, petroleum analysts say the price at the pump in B.C.’s most expensive areas will drop more than 30 cents by Thursday. Paul Pasco, a principal consultant with fuel analytics platform Kalibrate, told Black Press Media things will drop to $1.97 per litre, while price predicting site GasWizard forecasts an even larger dip to $1.93 per litre.

From there, things could fall even further. Pasco said he wouldn’t be surprised if gas prices around Vancouver and Victoria drop an additional five to 10 cents going into the weekend.

The change will come as an immense relief for the regions’ drivers, who have been paying historically high prices for weeks as a result of an abnormal number of refinery closures. Pasco said most of those refineries, closed due to maintenance or unplanned incidents such as wildfires, are running again.

He added that there is some risk of prices rising five to ten cents come mid-November, but that they should remain under or near the $2 per litre mark until Christmas. Come the new year, however, Pasco predicted prices will begin to rise again.

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About the Author: Jane Skrypnek

I'm a provincial reporter for Black Press Media after starting as a community reporter in Greater Victoria.
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