It’s unclear where gas prices across the Lower Mainland are headed this week.
The problem according to the analysts at GasBuddy is there are several competing factors at play.
“We’re finally seeing prices easing again at pumps across much of Canada with most provinces seeing weekly declines as oil prices have been under pressure and rain events in the West have moved on, limiting risk to refineries,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
DeHaan says the price of crude could drop if key oil-producing countries meeting later this week agree to boost production.
“For this week, all eyes will be on the previously delayed OPEC+ meeting on Thursday. If they begin to restore oil production, oil prices could soften to the mid-$60s, which could help bring more downward pressure to prices,” DeHaan explained.
However, he also says the price could go up if the Canadian dollar continues to struggle against the U.S. dollar.
“We’ll also be watching what happens with President-elect Donald Trump threatening tariffs on Canada and how that’s negatively impacting the Canadian dollar. A weaker Loonie means gas prices could be under pressure to rise.”
On Monday morning, most gas stations around Metro Vancouver were charging about $1.73 cents per litre of regular gas, about 6.5 c/L lower than the same time last week, and about 1.7 c/L lower than the same day last year.
The average price for a liter of gas in B.C. is closing in at $1.67.