(File photo)

Gas prices to drop five cents by Friday

Analyst says refineries are kicking into high gear

Can you stretch your gas till Friday? You should try, according to Gas Buddy.com’s senior analyst.

“We’ll be down to 131.9 [cents a litre] as of midnight Thursday night,” said Dan McTeague, adding cities outside Metro Vancouver could see prices dip into the mid 120s.

That’s down from a high of 147.9 cents in early November throughout the Lower Mainland.

“Much of that decline has to do with refineries in the U.S. building up inventory, particularly in the Pacific Northwest, who have been troubled by every plague imaginable,” said McTeague. “High demand, low inventory and refinery and pipeline issues…”

Output rates for the region’s refineries have gone from 84 per cent up to 92 per cent – a million-barrel surplus, according to the U.S. Department of Energy.

“There’s no ifs, ands or buts. The reality is that prices are plummeting because there are increasing stockpiles, finally, of gasoline,” McTeague said.

He’s got another tip: gas is cheaper on the weekend.

“The retailers tend to shed that 12.5-cent retail margin that they charge,” he said. “They sometimes knock three or four cents off.”


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Comments are closed

Just Posted

Federal government contributing nearly $4 million to First Nations community centre

The S.A.Y. Health and Community Centre will be built on a piece of land off Chilliwack River Road

Chilliwack fire crews extinguish blaze in mobile office unit

Crews from 3 halls were out in the early hours of Sunday morning to put out the fire on Railway Ave

PHOTOS: Historic look at Chilliwack activities we are missing in the pandemic

Images from the Chilliwack Museum & Archives show sporting events everyone hopes to get back to soon

VIDEO: Car goes off Highway 1 and into a ditch in Chilliwack

Eastbound vehicle left the highway ending in the ditch on south side of Luckakuck Way

Emergency crews respond to ATV rollover near Harrison

ATV rolled over on or near Harrison East Forest Service Road near Harrison Hot Springs

B.C. accommodators need phone lines to light up as in-province travel given green light

Travel restrictions during the COVID-19 pandemic have decimated the tourism and hospitality industries

300 Cache Creek residents on evacuation alert due to flood risk as river rises

Heavy rainfall on Canada Day has river rising steadily, threatening 175 properties

Friends, family remember victim of Langley possible triple-homicide fire at memorial

Memorial held for one the of three found dead at a house fire in Langley Meadows last month

Fraser Valley Bandits, CEBL bringing pro sports back later this month

Abbotsford-based basketball team kicks off CEBL Summer Series on July 26

Family and friends mark birthday of teen who died after being discovered in Langley park

Carson Crimeni suffered an apparent drug overdose, his final moments broadcast on social media

First glimpse of Canada’s true COVID-19 infection rate expected mid-July

At least 105,000 Canadians have tested positive for COVID-19 since the coronavirus was identified

Semi and BMW collide on South Surrey highway

At least one person to hospital, both vehicles sustained significant damage

Police ramp up efforts to get impaired drivers off B.C. roads this summer

July is dedicated to the Summer CounterAttack Impaired Driving Campaign

Migrant workers stage multi-city action for full status amid COVID-19 risks

‘COVID-19 has exacerbated an existing crisis’

Most Read