(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

Just Posted

Fall outdoor burning season cancelled in Chilliwack

Council decided to cancel outdoor burning because of pandemic air quality concerns

Chilliwack school board chair running in provincial election

Dan Coulter will run against incumbent John Martin and former school trustee Diane Janzen

Chilliwack man hoping to restore ‘59 Chevy with big lottery win

Hervey Blois, a retired veteran, says he’s ‘dumbstruck’ by $500,000 win on lottery website

‘Solitary’ filming in Harrison Hot Springs

Portions of East Sector Park closed until October 6

Flash bangs and police chopper were part of ERT operation in Chilliwack

Police say Lewis Avenue incident last Thursday night was part of ‘ongoing RCMP investigation’

Weekend sees 267 cases, 3 deaths in B.C.; Dr. Henry says events leading to COVID spread

There are currently 1,302 active cases in B.C., while 3,372 people are under public health monitoring

Ahead of likely second wave, 60% of Canadians relaxing COVID-19 measures

Proportion of Canadians not following safety measures has dropped by 3 per cent in the past two weeks

Canada’s population tops 38 million, even as COVID-19 pandemic slows growth

Immigration, the top population driver, decreased due to the pandemic

Lightning strike: Tampa Bay blanks Dallas 2-0 to win Stanley Cup

Hedman wins Conn Smythe Trophy as playoff MVP

16 MLAs retiring from B.C. politics add up to $20M in pensions: Taxpayers Federation

Taxpayers pay $4 for every dollar MLAs contribute to their pensions

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Liberals seek to fast track new COVID-19 aid bill after CERB expires

Government secured NDP support for legislation by hiking amount of benefits by $100 to $500 per week

Police investigating shooting in North Delta

Police say occupants of two vehicles exchanged gunfire near 120th Street and 82nd Avenue

Most Read