Price at the pump may soon go down: analyst
Posted May 11, 2012 10:42 am.
This article is more than 5 years old.
VANCOUVER (NEWS1130) – It’s pretty bad right now, but how high will they go? News1130 is asking an expert how much you can expect to pay at the pump this summer.
Unlike summers past, analyst Michael Ervin doesn’t think prices will go up for us here in BC. In fact, he thinks the $1.48 per litre we’re seeing right now is the peak and things will likely drop by about five to 10 cents per litre, sooner rather than later.
“The fact that refineries are well-balanced with respect to supply and demand, I don’t expect we’re going to see wholesale prices going up,” says Ervin.
“Spring is typically where we see prices go up [as] wholesale buyers are basically buying to secure supplies; that’s one of the factors that drives the prices up in the spring,” he adds, noting the day-to-day price of a barrel of crude oil is not reflected at the pump.
Don’t forget: On July 1st, the carbon tax goes up by about two cents a litre. If you really want to save money, some of the cheapest fuel in the province is in Kamloops, according to GasBuddy.com.
