Gas prices to drop by two to three cents on Wednesday
Published Tuesday, December 9, 2014 2:21PM EST
Last Updated Tuesday, December 9, 2014 9:16PM EST
Drivers might want to consider waiting until Wednesday to fill up on gas, as prices are expected to continue their free-fall and drop by another two to three cents overnight.
As oil prices hit a five-year low, gas prices are not far behind and are hitting levels not seen in this country since 2010.
On Wednesday, gas prices are expected to hit:
- 92.4 cents/litre in Winnipeg
- 94.9 cents/litre in Calgary
- 103.9 cents/litre in Toronto
- 107.6 cents/litre in Halifax
- 115.4 cents/litre in Montreal
- 115.9 cents/litre in Vancouver
Dan McTeague, senior petroleum analyst with GasBuddy.com, says that before Christmas, falling gas prices are likely “very welcome news.”
While gas prices have sunk below $1 per litre in parts of Western Canada and are headed that way elsewhere, Vancouver and Montreal are still hovering around the $1.15 mark. That’s because those cities have the highest taxes on motor fuel in the country, and those taxes partially offset the drop in price, McTeague explained.
Meanwhile, according to TomorrowsGasPriceToday.com, the probability of gas prices continuing to go down is about 90 per cent.
“More time to digest the growing glut in crude; OPEC expected to cut export prices; global demand easing all means another drop in pump prices for the week ending Sunday Dec 14,” the site says in its “one week sneak peek.”