If you’re thinking about filling up your car, you may want to wait until tomorrow.
Right now, gas prices across Greater Victoria are around 139.9 cents per litre but
Dan McTeague, senior petroleum analyst at GasBuddy.com, said average gas prices could drop by several cents due to oil prices dropping to their lowest level in over eight months.
West Texas Intermediate (U.S. oil), fell over seven per cent to US $55.20 on Tuesday.
There has also been a production increase at the refineries in the Pacific Northwest.
“Starting tomorrow you are going to see pressure on retailers who have just been given notice that the wholesale price has dropped 5.5 cents a litre, six cents with GST. They are going to look at each other and somebody is going to throw in the towel and drop it four or five cents per litre, potentially more,” McTeague said.
On Wednesday, the lowest price for gas in the province was in Mission, where it was at 116.9 cents per litre for regular gasoline.