Jun 29, 2017
By Michael Kramer
Canadians taking to the road for the country’s 150th Canada Day weekend – are expected to see the lowest average gasoline prices in seven years – according to GasBuddy.com – which tracks the retail price of fuel.
Motorists will be paying an average of 104.4 cents per litre – a surprising 13 cents less than the 10-year average of $1.17 – and the lowest Canada Day long weekend price since 2010.
Senior petroleum analyst Dan McTeague says the prices are a welcome relief – after years of summer price increases – and “put to rest the myth” that gas prices always go up for the holidays.
The reason for the lower fuel prices?
Michael Ervin, a fuel market analyst with the Kent Group – says it’s mainly because North American refineries are paying less for oil – and refinery production has been strong – which allows gasoline inventories to build – preventing an imbalance in supply and demand – that might force prices higher.