Metro Vancouver gas prices expected to drop to a four year low over the weekend

A person pumps gas at a gas station in Mississauga, Ont., on Feb. 13, 2024. (Christopher Katsarov / The Canadian Press)

Significant savings are expected to come to Metro Vancouver gas stations this weekend, with prices expected to drop to levels the region hasn’t seen in years.

According to prediction website GasWizard, prices could drop 10 cents per litre to 157.9 cents per litre Saturday.

However, because stations typically shed their retail margins in the evening, drivers could see an additional savings of eight to ten cents per litre on top of that.

“Trump tariffs have really roiled markets, and that’s why prices have fallen and they’re obviously going to continue tomorrow, when gas prices could be as low as $1.57.9, but some stations may be charging under $1.50, something we haven’t seen since early 2021,” said Dan McTeague, president of Canadians for Affordable Energy.

He says the best time for drivers to save is after 6 p.m.

“Gas stations are now throwing away the retail margins in the afternoon, in the evenings, so we’re seeing discounts even on that number of 10 cents a litre. Bottom line for anybody driving Vancouver: Never buy your gasoline in the morning, not even in the early afternoon. Wait until the evening. You’ll save an extra 10 cents a litre.”

CTV News crews saw that price change happen in real time Friday morning.

The price at a Super Save in Langley’s Brookswood neighbourhood started at 154.9 cents per litre, but jumped nine cents when commuters started to hit the road at 6 a.m.

Petroleum analysts say the economic uncertainty caused by U.S. President Donald Trump’s tariffs are impacting gas prices significantly.

“The stock market on Wednesday saw its largest single day increase since World War II, so we’ve seen an incredible amount of volatility, and that’s what motorists are starting to see at the pump,” said Patrick DeHaan of price prediction site GasBuddy.

DeHaan says there have been huge swings in the price of oil. On Wednesday, it fell to as low as US$55 a barrel before jumping to $62.

“All of that volatility is hugely impactful to gas stations that need to buy gasoline to fill their underground tanks. Depending on what they bought, exactly the timing of when they bought, they may have paid a much higher price than other nearby stations,” explained DeHaan.

Prices have also decreased due to a number of U.S. refineries that supply B.C., coming back online.

DeHaan says with so much economic uncertainty, it’s nearly impossible to predict where prices will land in the coming weeks.

“The good news, though, is that gas prices are still about 38 cents a litre lower than last year, so if you want to create a budget, I would certainly estimate on overshooting right now,” he said.

“You may want to budget for something in the ballpark of $1.65 to $1.70, that way, if prices constantly go up and down, you may not be stuck in a bad place.”

The province eliminated its consumer Carbon Tax last week, dropping prices about 17 cents per litre.

However, because prices had been surging in the weeks that led up to the change, this weekend’s prices may be the first time many drivers are feeling any relief.