Metro Vancouver could see drop in gas prices this week: analyst

One analyst says some relief from the pain drivers have felt at the pumps in recent weeks is expected soon.

Gas prices across Metro Vancouver could see a dip by around nine cents by Wednesday, according to one expert.

This comes following social media posts from U.S. President Donald Trump, saying he is postponing attacks on Iranian energy sites for at least five days.

“If we are to take at face value at what he said, and markets are doing that, it means this could be the beginning of prices tumbling back to levels that are a little more comfortable for most consumers,” says Dan McTeague, president of Canadians for Affordable Energy.

“That means that the 214.9 or 212.9 that you’re seeing at gas stations may be a lot closer to 205.9, 204.9 by Wednesday.”

Trump made the announcement Monday morning, saying, “The United States of America, and the country of Iran, have had, over the last two days, very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East.”

The postponing of attacks comes only a day after Trump threatened to target critical infrastructure if the Strait of Hormuz was not re-opened.

The price of gas has been skyrocketing since the war in Iran broke out.

According to GasBuddy, gas prices in Vancouver have risen nearly half a dollar since the beginning of March, with gas prices being as low as 165.0 cents on Feb 28.

Twenty per cent of all oil traded passes through the Strait of Hormuz in the Persian Gulf, which is controlled by Iran.

McTeague says if the trend holds, we could see prices drop an additional 10 cents per litre between Wednesday and the weekend.