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Another drop in gas prices predicted for this week

Gas prices
A motorist reaches for the pump at a gas station on Feburary 24, 2011. THE CANADIAN PRESS/Patrick Dell

Watch for another drop at the gas pump this week, as our newsroom is predicting that regulated prices will fall by about 2 cents when they are reset at midnight tonight

George Murphy of Consumers for Fair Gas Prices tells NEWS 95.7, it's unusual to see prices retreating ahead of the US Memorial Day Weekend. 

"And hopefully, I'll use that in loose quotation marks, if these prices continue to decline we will see further declines in the refined product price, because of course acquisition cost number one is a little bit cheaper for companies to buy oil," explains Murphy.

He continues, saying it's a good time to be a consumer.

"We've still got oil trading down, which is not so good for your provincial treasury if you're dependent on it, but certainly good for consumers as well because refined commodity prices are also down along with oil prices," says Murphy. "So, we're looking at this as being positive news of course, based simply on what happened last week as well with prices being down."

He adds he is continuing to keep a close eye on the American inventory support.

"We had to see refiner capacity increase, we still haven't seen that, but what we did see over the last two weeks were very very very moderate builds in gasoline inventory which also played into the market scenario of a slight drop in demand," says Murphy. "And the product supplied, of course, has been also up."

Meanwhile, across the border in New Brunswick prices fell by 1.2 cents per litre to a new maximum price of 131.9.


Mark Hodgins

About the Author: Mark Hodgins

Mark Hodgins is an Ontario-born Haligonian. A graduate of the Loyalist College journalism program, he’s been with NEWS 95.7 since 2016. Mark is a lover of sports, politics and video games.
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