Gas prices have dropped on Vancouver Island amid the coronavirus pandemic. (CANADIAN PRESS/Christopher Katsarov)

Vancouver Island gas prices drop amid COVID-19 pandemic

GasBuddy says decreased demand for oil lowering worldwide gas prices

The coronavirus pandemic could be linked to declining gas prices, according to GasBuddy.

As of Wednesday, Victoria’s price at the pumps is 121.3 cents per litre on average, down 14.6 cents from last week’s average and 21.4 cents from last month’s.

The cheapest gas in Greater Victoria can be purchased at the Langford Costco, where drivers can fuel up for 109.9 cents per litre.

Similar – although less dramatic – price drops can be seen in Nanaimo, where the average price is 129.9 cents per litre, down seven cents from last week and 10 cents from last month.

READ ALSO: Victoria gas prices second highest amongst B.C. cities

Duncan has also seen a drop in prices. The ticking average there is 115.9 cents per litre, a five-cent drop from Tuesday, a 16-cent drop from last week’s average of 131.9 cents per litre. Duncan gas is also down 22 cents from last month’s average of 137.9 cents per litre.

In a news release published Tuesday, GasBuddy says seasonal trends for U.S. gas – which typically see an uptick in prices through spring – are different in 2020. Gas prices are declining, likely because the demand for oil has dropped with countries around the world locked down – limiting flights, car trips and overall movement.

GasBuddy predicts that demand for oil will be at “multi-decade lows for the better part of 2020” resulting in some of the lowest prices consumers have experienced for some time.

READ ALSO: Greater Victoria sees highest gas prices in the country

GasBuddy is a travel and navigation app providing updated data and prices across North America. The app covers 150,000 gas stations across the continent.



nina.grossman@blackpress.ca

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