Canadian motorists hitting the road for the Canada Day weekend are expected to find the lowest average gasoline prices in seven years, according to GasBuddy.com.
But Greater Victoria prices may be among the exceptions with pump prices consistently above the national average.
The fuel-price tracking company said Canadian drivers will be paying an average of $1.044 per litre, about 13 cents less than the 10-year average of $1.17 and the lowest Canada Day long weekend average price since 2010.
GasBuddy senior petroleum analyst Dan McTeague said the prices are a welcome relief after years of summer price increases. He said this weekend will “put to rest the myth” that gas prices always go up for the holidays.
Michael Ervin, a fuel market analyst with the Kent Group, said lower gasoline prices mainly result from North American refineries being able to buy oil at lower prices.
He said refinery production has been strong, allowing gasoline inventories to build and preventing an imbalance in supply and demand that might force prices higher.
Greater Victoria’s average price on Thursday was $1.218, well above the national average of $1.044.
McTeague attributes the increased price compared to most other Canadian centres to higher taxes.
However, Greater Victoria pump prices have been decreasing since May 23, when they were at $1.298.
Local gas prices have fluctuated over the years as Canada Day approached. In mid-June 2013 and 2014, for example, prices were at $1.388.
Last year’s price on Canada Day was $1.131. In 2015, the price was just over $1.281.
