As the summer season ends, prices at the pump are expected to fall upwards of 25 cents per litre, according to one analyst. (Ian Holmes/NanaimoNewsNOW)

By Alex Rawnsley

price at the pump

Nanaimo gas prices set for downward trend as temperatures and demand drop

Aug 30, 2024 | 6:14 AM

With no major external factors on the horizon and a seasonal shift expected in the coming weeks, local gas prices are anticipated to drop.

As of Friday, Aug. 30, a litre of gasoline in the Nanaimo region was selling for around 170 cents per litre, while areas outside the city were on average a cent or two more expensive.

According to GasBuddy analyst Patrick De Haan, this price is projected to fall substantially with the onset of the fall season.

“Gas prices tend to decline as we get into progressively cooler temperatures,” said De Haan. “That’s because Canadians—and the global economy—don’t consume as much gasoline, diesel, and jet fuel in the cooler months.”

The decrease in demand, coupled with a switch to the less costly winter blend of gasoline, means De Haan is expecting a significant change in pricing.

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“We could see prices dropping another 10 to 25 cents per litre over the next few months as we see some of these seasonal changes,” he added.

Average gasoline prices in the region are currently down by about 20 to 30 cents per litre compared to the same time last year. In late August 2023, B.C.’s average price was 194.2 cents per litre, with the current average at 169.8 cents.

The average price across Canada is currently 155.7 cents per litre, down 13 cents from last year.

De Haan noted there are always factors that could impact gas prices.

“We are keeping an eye on some tropical systems in the Atlantic now, but we haven’t seen any impacts so far this hurricane season,” he said.

However, De Haan added that the hurricane season is only about halfway over, meaning some fall storms in the U.S. southeast could affect prices locally.

— with files from Jon de Roo, 97.3 The Eagle

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