Gas prices drop below $1 a litre in Nanaimo and Vancouver

As North American gasoline prices slide, Greater Victoria drivers are starting to see prices drop as well.

On Vancouver Island, stations in Nanaimo are selling regular fuel for less than $1 per litre.

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Stations have dropped to 97.9 cents, 98.9 and 99.9 cents in Nanaimo, according to the online price tracking website GasBuddy.

In the capital region, Costco in Langford was charging $1.099 for a litre of regular fuel Tuesday afternoon.

Other stations in Greater Victoria are starting to lower their prices as well, dropping to $1.129 per litre.

The lowest price in B.C. appears to be in Prince George, where a litre of gasoline is 73.9 cents, GasBuddy said.

Greater Victoria gasoline prices were most recently below a $1 per litre in February 2015 and in February 2014, GasBuddy’s historical charts shows.

In Vancouver, prices have slid to 99.9 cents per litre at some stations.

Patrick DeHaan, head of petroleum analysis for GasBuddy, said gasoline prices have fallen for four consecutive weeks.

“Gas prices have spent virtually all of March marching lower, with the drop continuing as the coronavirus destroys oil demand globally,” he said, adding the result is the lowest oil prices in 18 years.

And it’s not over.

DeHaan predicts more drops at stations in coming weeks.

There’s no need for motorists to rush to fill up, because prices will fall lower still, he said. “This is truly an unprecedented turn of events,” he said, calling it the “great collapse” in oil demand.

Crude-oil prices have continued to be under heavy selling pressure due to the coronavirus’s effects on global demand for products including gasoline, diesel and jet fuel, DeHaan said.

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