Vancouver gas prices drop with declining stock market: analysts

Vancouver drivers may want to keep a lookout for a good deal on gas Monday morning.

The price at the pump seems to vary widely around Metro Vancouver, but 1130 NewsRadio has noted prices as low as $1.61 per litre to $1.70 per litre.

Analysts say drivers in the region should expect the price to continue to fall.

“With Canada’s carbon tax pause now in effect, the average price of gasoline has dropped sharply, as expected-marking one of the largest single-week declines in Canadian gas prices we’ve ever seen and bringing prices to their lowest level since 2021,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

GasBuddy says average retail gasoline prices in Vancouver have fallen by 25.1 cents per litre in the past week.

In B.C., on average, prices Sunday were 19.1 cents per litre lower than the same day last year. In Vancouver, prices were 43.9 cents per litre lower than last year.

A declining stock market, De Haan says, should lead to reduced oil demand, which also drives prices lower.

“Economic uncertainty is rising due to new U.S. tariffs on a wide range of countries, which has sent oil prices plummeting to levels not seen since the early days of the pandemic,” De Haan explained.

But he says Canadians shouldn’t feel rushed to fill up.

“Much lower gas prices are likely in the days ahead.”