‘Things will get better’: Maritimers hopeful pump pressures will lessen

Gas prices are down in New Brunswick and Prince Edward Island.

Motorists in New Brunswick and on Prince Edward Island woke up to some good news as it pertains to pump prices heading into the weekend.

Gas was down 3.4 cents on the island, for a new minimum price of regular gas coming in at 186.8 cents per litre. The decrease was slightly more in New Brunswick with gas dropping by 3.6 cents for a maximum price of 180.8 cents per litre.

“The last time I bought it was much higher than this,” a driver in Saint John tells CTV News while filling her gas tank. “I’m looking forward to things getting better.”

“I’m just going to buy a little bit of gas today to hold me until Monday,” says another driver.

That’s because on Monday the federal government is set to suspend its federal fuel excise tax until Sept. 7. The fuel tax cut is expected to drop the price of gas by 10 cents, with diesel expected to go down by four cents.

The Strait of Hormuz has also fully reopened to commercial vessels as of Friday, which experts expect will further benefit drivers.

“I think they will come down,” says Pedro Antunes, who is the chief economist with Signal49 Research. “There’s always the notch up seems to happen quicker than the notch down, but I do think that, when we look historically, gasoline prices have followed very closely with the change in oil prices.”

Antunes says the longer the ceasefire lasts between Iran and the United States the better it is to help get oil flowing, which in turn will bring down prices at the pump. He believes when that is factored into the fact the Ottawa is set to remove around 10 cents a litre on gas with the fuel excise tax, it will mean more savings for Canadians.

“If that policy holds as well, it is looking better for consumers essentially over the next few months.”

But not all drivers are caught up in the ups and downs of gas prices. Don Tompkins says he doesn’t consider the price while pumping gas.

“It doesn’t really bother me too much,” he says. “Because I find that the price of gas is the least expensive part of owning a vehicle.”

For more New Brunswick news, visit our dedicated provincial page.