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HomeNewsGas prices in Prince George see minor drop at the pumps

Gas prices in Prince George see minor drop at the pumps

Prince George drivers are getting some relief at the pumps thanks to a four cent decrease in the past two weeks.

Costco remains the cheapest place to buys gas at 107.9 while most other stations are between 110.9 and 111.4.

“What we’re looking at is a situation where prices are starting to moderate on the all-important benchmark with the price of gasoline being set in Chicago and that has gone down about 12 cents a gallon, good enough for a three or three-and-a-half cent decrease,” says Dan McTeague, Senior Petroleum Analyst with Gasbuddy.com.

However, it’s a lot more expensive in Vanderhoof and Smithers where it’s between 116.9 and 120.9.

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McTeague believes there’s a simple reason for the different prices.

“We do know here that in Prince George and to a lesser extent the Bulkley Valley and Vanderhoof, we do find that prices tend to be a little bit more competitive and we could see another two cent decrease between now and Monday.”

He expects prices to rise back up between March and April.

“At the latest should be April 15th we’ll see a pretty big spike and that’s because Canada will shift from making cheaper to make winter gas to a more expensive blend of summer gasoline and that usually adds about four-cents-a-litre on the wholesale side.”

It’s been an expensive year so far for gasoline as prices have been close to the dollar-fifteen range up until now, but even the first two months have been more expensive than first thought.

“If I’m looking to this time last year, you’re paying about 10 to 13 cents a litre more for gasoline than in February of 2017.”

“It’s really a quiet time and people are generally expecting prices to fall during these two months, the fact that it has taken until the second week of February suggests to me that we could be in for a serious correction come March and April, look the world is clamping down on the over-supply of oil and there is no doubt that demand is vigours across economies like the United States is scheduled to continue and the demand picture down there is expected to continue.”

To keep up with the latest gas prices in Prince George, click here.

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