Many of us expected an increase in gas prices leading into a long weekend in Nova Scotia.
That wasn’t the case as the price of a litre of both gasoline and diesel dropped significantly.
Senior petroleum analyst Dan McTeague with Gasbuddy.com says the drop in prices actually started almost two weeks ago when the stock market began to show signs of a major correction.
He says that sent oil down about six-and-a-half dollars a barrel.
“As well, with a number of refineries producing a lot of gasoline and demand relatively stable, that allowed for inventories to swell.”
McTeague says pump prices should remain at the current level until March when he expects an increase.
“That’s only because refineries get through their turn-around period, they start producing summer blends of gasoline which are designed to reduce engine volatility with higher temperatures. That usually means about a three to four cents a litre increase.”