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Just in time for the Labour Day long weekend, gas prices plummeted overnight for Metro Vancouver drivers.
In many areas around the region, the price is hovering around $1.98 per litre Friday morning, with some prices as low as $1.93 — a substantial difference from the $2.13 seen earlier this week.
Petroleum analyst Dan McTeague credits the drop to an unpredictable market.
“It’s a very dysfunctional market; markets have no idea which direction to take,” he told Global News.
“The substantial increase that we saw in the Pacific Northwest markets has now plummeted. This is great for consumers (Friday).”
Another factor to take into account is that the Canadian dollar rose slightly, McTeague said.
However, the drop in gas prices is expected to be short-lived and will bounce back shortly.
“It looks like we will be heading back to higher prices, beginning as early as (Saturday) with a four-cent increase,” McTeague said.
He expects prices to be back to $2 a litre by Sunday and advises drivers to fill up on Friday before prices start to climb again.
© 2023 Global News, a division of Corus Entertainment Inc.
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