Gas prices have dropped in Canada. Will summer bring more relief?
globalnews.caCanadians planning a road trip this summer could see some relief at the pumps but a volatile energy market and weather disruptions threaten gas prices in the country, experts say.
Nationally, the average price for regular unleaded gas stood at $1.60 per litre on Wednesday, according to fuel price tracking websites GasBuddy.com and GasWizard.ca.
Monthly average prices in the country have been on a downward trend since April, but remain relatively high, said Patrick De Haan, head of petroleum analysis at GasBuddy. That could deter some Canadians from doing long road trips this summer, he said.
Gas prices typically tend to ease in the summer months as refinery maintenance ends, along with the switch over to summer gasoline, De Haan said. The additional gasoline supply is what usually starts pushing gas prices down every year, which is what we’re experiencing right now, he said.
“As we get into the summer, I do think that gas prices nationally could drop another five to 10 cents a litre over the next several weeks as we approach Canada Day,” De Haan told Global News in an interview Wednesday.
If all goes well, De Haan expects that the Canadian average could fall below $1.50 per litre by July 1.
However, the “wild card” could come in July and August when hurricane disruptions threaten major refineries in the United States, which in turn could have a potential impact on costs, he said.
Compared with last year, energy prices are pretty much on par with where they stood in 2023 despite the increase in the carbon price that went into effect on April 1, said Dan McTeague, president of Canadians for Affordable Energy and a former Liberal MP.
McTeague is less optimistic about Canadians seeing a continued downward trend in gas prices
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