Gas price drop in Metro Vancouver could be sign of things to come

Drivers saw seesawing gas prices in Metro Vancouver on Wednesday morning, and that could continue over the coming days.

Gas prices dropped roughly nine cents across Metro Vancouver on Wednesday, now sitting at around 205.9 cents per litre.

This comes as U.S. President Donald Trump claims there have been talks on ending the war in Iran, even saying there is a ceasefire in the works.

“Markets today are convinced something good is going to happen and that means after tomorrow and Friday, we could see another seven or six cent decrease,” says Dan McTeague, president of Canadians for Affordable Energy.

Iran has disputed Trump’s claims, but two Pakistani officials say Iran has received a 15-point plan from the United States for a possible ceasefire, according to the Associated Press.

McTeague says he does not expect to see gas prices as low as a few weeks ago, unless a formal agreement between the two nations is announced.

According to charts from GasBuddy, the cost of fuel was as low as an average of 165.0 cents a litre on Feb. 28.

“You might be going back to 172 but we still have a lot of room to go,” McTeague said. “If there is some kind of formal agreement... look at prices to plummet and it will plummet dramatically almost as quickly as they went up.”

McTeague expects prices to rise a couple cents Thursday, before falling to around $2 per litre by Friday.

With files from CTV News Vancouver’s Yasmin Gandham.