Gas price as of Wednesday, May 6, up roughly 10 cents in only a few days. (Alex Rawnsley/NanaimoNewsNOW)

By NanaimoNewsNOW Staff

pump it up

Nanaimo gas prices creeping back up after sharp drop

May 7, 2020 | 11:59 AM

NANAIMO — One of the few silver linings of the COVID-19 pandemic is now going away.

At the height of the crisis, gas prices in Nanaimo plummeted to around 85 centre per litre for several weeks at the end of March and through much of April.

The price at the pump is now increasing as plans are unveiled about restarting the economy and creating a new normal.

Patrick De Hann, head of petroleum analysis with the gas tracking website Gasbuddy told NanaimoNewsNOW the demand for gas is rebounding.

“Gas inventories have posted two straight weekly declines, contributing to the higher prices.”

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As of noon on Thursday, May 7 the lowest price was still 85.9 cents per litre but the highest was 103.9.

Many gas stations fell right in the middle around 95 cents per litre.

This is still far below what gas prices were before the COVID-19 crisis.

“I don’t think we’ll see us get anywhere we were prior to COVID-19 for perhaps a few months, if not longer,” De Haan said. “It all depends on how quickly we’re able to move on and return to normal.”

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