Humboldt and area motorists are enjoying some of the lowest gas prices they’ve seen for some time. As of Wednesday, prices at the pump ranged from $132.9/litre at the lowest to a median at other pumps of $1.34/litre.
GasBuddy Petroleum Analyst, Patrick DeHaan says there are a number of reasons why prices continue to fall.
“Oil prices have declined, retail gasoline prices at gas bars have followed at a slower pace, and still some decreases in the pipeline,” says DeHaan.
The recent decline in wholesale oil prices has allowed gas station owners to lower much more than just their gasoline prices.
“Now diesel prices at most stations are just under $2/litre but that should continue to decline as well as we’ve seen improvements in gasoline and diesel supply.”
DeHaan adds that it is unclear if prices will increase or decrease in the coming weeks, as new data continues to flow in.
“We could see it go a little bit lower, although with numbers just out from the US Government it does look like inflation may be slowing down and that could heat oil prices back up. Maybe in the next week or two, we may see a soft landing for prices.” .
Gasoline price decreases have been seen across Canada, as the highest fuel price listed is in Fort St. John, BC at 177.9. The cheapest gasoline price can be found in Thunder Bay, ON coming with the low price of 113.9 cents per litre.
(with files from Discover Humboldt staff)