If you’re hitting the road this long weekend, you can plan to pay less at the pump, with experts forecasting prices will be at their lowest since 2010.
Consumers across the country can expect to pay an average of 104.4 cents per litre – which works out to 13 cents below the 10-year average — according to GasBuddy.
“With prices trending lower into the weekend, it may be time to put to rest the myth that gas prices go up for the holiday,” said Dan McTeague, senior petroleum analyst at GasBuddy, in a press release Thursday.
McTeague added gas prices on Canada Day will be lower than they were on New Year’s Day.
Roger McKnight, chief petroleum analyst with En-Pro International, shared McTeague’s outlook, telling BNN that “prices being artificially jacked up before a long weekend will be muted.”
McKnight attributed this to U.S. gas and crude oil inventories, with high refinery runs flooding an already-saturated gasoline market.
McKnight also said that because all crude and refined products are priced in U.S. dollars, recent strength in the loonie will buffer any increase with WTI/NY Harbor gas futures prices.
“The only thing that could spike prices over the weekend would be a rogue move by one of the Canadian suppliers which we saw earlier this week from Shell, where they increased their wholesale prices by 2.5 cents per litre only in Ontario and Quebec for reasons only known to Shell,” he said.