The price at the pumps is expected to fall by as much as five cents per litre overnight, a gas-watching analyst has predicted.
Dan McTeague, a senior petroleum analyst at GasBuddy.com and founder of TomorrowsGasPriceToday.com, said prices will fall overnight for most of southern Ontario and Vancouver. McTeague also predicted a price dip across the Prairies starting Friday, and a one-cent increase in Nova Scotia.
McTeague told CTV Toronto’s Janice Golding the exact cent value of the decreases will vary slightly, but motorists in Ottawa, Toronto, Hamilton and London, Ont., should save about five cents by waiting until Friday to fill up.
In the Vancouver area, the price will dip by four or five cents by Friday morning, he said.
In addition to the short term relief, McTeague predicts prices will continue to slide for the next several weeks. A drop in crude oil prices will bring gas prices down through the summer.
“We’re going to look at another five to seven cents on average per litre decrease,” he said. “Average prices right now are about 30 cents less than they were this time last year. That gulf may in fact widen to the benefit of motorists.”
McTeague’s site GasBuddy.com showed an average price Thursday of $1.07 in Toronto. A year ago, the average price was $1.32. In Vancouver, the average price was $1.22, down 22 cents from April 9, 2014.
McTeague predicted the average price across Canada could fall to the mid-90-cent range during the summer. Average prices across Canada in the summer typically hover around $1.25.
He said that the lower prices could translate to savings away from the pumps as well.
“The cost of transportation drops, therefore the cost of services drop. It’s a good thing overall,” he said.
With a report from CTV Toronto’s Janice Golding
