Analyst expects gas prices to drop

Gas prices already down three cents, could drop more according to industry analyst.

Dan McTeague is an industry petroleum analyst with GasBuddy.com.

Dan McTeague is an industry petroleum analyst with GasBuddy.com.

Prices at the pump should be dropping soon, according to a Canadian consumer advocate with Gasbuddy.com.

Dan McTeague says that price relief in the range of three to seven cents should be coming soon to pumps in the Cranbrook/Kimberley area.

McTeague, a former MP who has also worked in the petroleum industry for over three decades, notes that there are a number of factors that work against local fuel prices.

First, while Calgary flirts with 70 cents/litre prices, Cranbrook is hovering at 101.9/litre. McTeague says Calgary is a large market with quicker turnover of inventory.

For example, if gas retailers are buying stock at 82 – 83 cents/litre, in larger markets, they can afford to resell at only four or five cents higher because of faster turnover.

Whereas in the East Kootenay, retailers may be selling gas at 15-20 cents above their wholesale price to recoup costs from trucking it in, which is McTeague says is likely piped into Kamloops before getting trucked to Cranbrook.

B.C. also has to contend with a 6.67-cent carbon tax, which Alberta doesn’t have.

As of Monday afternoon, prices around the province were at:

Cranbrook – 101.9/litre

Kimberley – 101.9/litre

Calgary – 69.9/litre

Vancouver – 104.9/litre

Lethbridge – 75.9/litre

Abbotsford – 90.9/litre

 

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