Gas prices fall across Canada
Gasoline prices in Canada are falling well below $1 per litre in many parts of the country in a trend expected to last at least through the fall.
The national average for gasoline yesterday was about 98.2 cents per litre, according to price-tracking website Gasbuddy.com.
A weekly pump price survey released yesterday by Calgary-based consultancy MJ Ervin & Associates said the Canadian weekly average was 92.7 cents — the lowest weekly average since February 2007, according to data compiled by the firm.
Prices are lowest in the competitive markets of Toronto and parts of Southern Ontario, where prices fell up to six cents to as low around 85 cents yesterday.
Other parts of the country did not see as big of a break, with a litre of gas going for an average of 94.5 cents in Montreal, 97 cents in Halifax, $1.09 in St John’s, 95 cents in Calgary and $1.07 Vancouver.
“We’re going to see prices continue to decrease,” said Gasbuddy co-founder Jason Toews.
He cautioned that prices will likely rise again in the spring once demand ramps up.
“Now that gas prices are lower, people are dancing in the streets,” said Toews. “When this happens, we resume our old driving habits, unfortunately.”
Toews said the biggest factor in the pump-price decline is the steep drop in crude oil, the main ingredient in gasoline, finally working its way into the pump price.
Crude for December delivery rose US$6.62 to settle at US$70.53 yesterday — a big rebound from the US$60 level it hit in recent days, but still less than half of its record high of US$147 reached in July.
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What you see on the gas station sign is now the pump price
It appears most Lower Mainland gasoline retailers have discontinued their three and a half cent litre discount at the pump.
Deidre Reid at Chevron says they actually lowered the sign price when the policy change was made.
“We did indicate the same price at the pump that would have been the discounted price on the street sign, so it would essentially seem less for our customers at the time.”
She says in the end, drivers want to know exactly what the pump price will be.
“Most of our customers are making their buying decisions when their traveling at 50 kilometres or 60 kilometres an hour, or maybe more, when they’re on the highway so, anything we can do to simplify that process and keep it succinct is a good thing I think in most people’s minds.”
We were out on the street asking drivers – Will this make a difference?
One person says he enjoys the surprise of the three and a half cents off, but it isn’t a big deal. Another says he didn’t know the price at the sign was now the actual pump price, but was a little disappointed saying every cent counts.
Some drivers didn’t notice the change. Overall, they’re happy to see the price of gasoline is way down from what they were paying last summer.
