Gas prices are expected to remain steady for now, a surprise for motorists who are used to seeing the price of fuel jump before a long weekend, but not this July 1.(Jordan Davidson/NanaimoNewsNOW)

By NanaimoNewsNOW Staff

PETROL PRICES

Atlantic hurricanes ‘likely the only wildcard’ on Nanaimo gas prices

Jun 28, 2024 | 4:35 PM

NANAIMO — Don’t expect too much change in the price at the pump, either up or down, for the foreseeable future.

Gas prices in Nanaimo have dropped slowly over recent months, hovering around 166.9 cents per litre at some stations on Friday, June 28, and aren’t forecast to increase or decrease much over the next two weeks.

Dan McTeague, who runs GasWizard.com, said a seasonal drop is relatively typical at this time of year but this one comes after a period of sustained stability for the industry.

“We did see a pretty big decrease this time last year, although back then it was 205 down to 197. The decrease has to do with strong refinery output, they’re doing extraordinarily well at keeping up with demand.”

Stations in Parksville listed a litre of regular gasoline for 176.9 cents, while Ladysmith was a few cents cheaper.

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Last year, prices dropped in the last week of June from around 195 cents to 187 cents per litre.

McTeague said previous price hikes came about due to issues at refineries, either having to shut down unexpectedly or deal with diminished supply.

“The market is being properly supplied and demand remains stable so prices have nowhere to go but down, and so much so that average prices where they stand today are at least 14 or 15 cents per litre less than what they were this time last year.”

McTeague said most eyes in the industry are on the Atlantic Ocean, as the United States and the Caribbean enter their annual hurricane season.

He said a series of strong storms in the U.S. Gulf Coast is “likely the only wild card at this point” to drastically affect pricing through much of the summer.

Any disruptions to the supply as a result would likely be felt locally seven to 10 days after the fact.

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