Price at Vancouver pumps remaining lowered: analysts

As predicted, the price of gas has continued to settle or drop in Metro Vancouver ahead of the holiday Tuesday.

The average retail price per litre has fallen 15.3 cents in the last week, according to GasBuddy’s survey of over 425 stations in the area.

On Thursday, prices per litre were hovering around the mid-$1.50s range. Analyst Patrick de Haan at GasBuddy predicted then that prices would hold or continue to decline before Canada Day.

In Vancouver, the cost of gas averaged $1.5289 per litre Sunday.

De Haan says the mid-$1.50s range is close to where the price per litre was before the most recent attacks in Israel and Iran.

“What goes up eventually does come down. And so I do expect that gas prices will continue to slowly go down around the Lower Mainland and across Metro Vancouver — really, much of Canada, where prices did go up significantly,” said de Haan on Thursday.

GasBuddy’s Monday report says, including the change in gas prices in Vancouver during the past week, prices Sunday were 24.8 cents per litre lower than the same day one year ago and are 7.8 cents per litre lower than a month ago.

Looking forward, de Haan says relief at the pumps is likely to continue.

“Some provinces may see their lowest Canada Day fuel prices in several years. As long as geopolitical tensions remain stable and the country avoids major disruptions — like a significant hurricane impacting U.S. supply — we could see further price drops into the summer.”