Skip to content

Gas prices expected to drop a few cents this week

Murphy tells NEWS 95.7 this week's losses on the stock markets along with the fallout from COVID-19 is impacting prices
0
Gas station
Gas pumps. (Pixabay)

Some relief coming to pumps across Nova Scotia this week.

That from Consumers for Fair Gas Prices George Murphy who is expecting regulated prices to drop by about three cents per litre.

Murphy tells NEWS 95.7 this week's losses on the stock markets along with the fallout from COVID-19 is impacting prices.

"We're looking at an overall drop in refined product prices by about 35 per cent, demand is also down about the same, about 35 per cent when it comes to fuel use in China, and we've seen pretty much the first read on how much Chinese demand is being affected," explains Murphy.

"We've seen Chinese imports of crude oil down by about a million barrels in a day, that's a pretty sharp drop."

Murphy says the lack of imports from China mean there's going to be a build up in the markets because of all that inventory abruptly having nowhere to go.

"There's really no sign of a slow down in production right now," adds Murphy.

Meanwhile, across the border in New Brunswick, that province's regulator is moving the maximum price for gasoline up by 2 cents to 120.5.


Dan Ahlstrand

About the Author: Dan Ahlstrand

Dan Ahlstrand is the Managing Editor at News 95.7 and anchors The Morning News on News 95.7 each weekday morning from 5:00 a.m. to 9:00 a.m.
Read more



Comments

Rogers Media
6080 Young Street Halifax, NS, B3K 5L2 © 2006-2020 Rogers Media. All rights reserved.