Gas prices in Terrace drop below the $2/litre mark

Gas prices at Safeway Thursday morning, Aug. 4. (Staff/Terrace Standard)Gas prices at Safeway Thursday morning, Aug. 4. (Staff/Terrace Standard)
Gas prices at 7/11 Petro Canada Thursday morning, Aug. 4. (Staff/Terrace Standard)Gas prices at 7/11 Petro Canada Thursday morning, Aug. 4. (Staff/Terrace Standard)
Gas prices at Copperside Petro Canada Thursday morning, Aug. 4. (Staff/Terrace Standard)Gas prices at Copperside Petro Canada Thursday morning, Aug. 4. (Staff/Terrace Standard)
Gas prices at Circle K Esso on Thursday morning, Aug. 4. (Staff/Terrace Standard)Gas prices at Circle K Esso on Thursday morning, Aug. 4. (Staff/Terrace Standard)

Gas prices at some locations in Terrace dropped below the $2/litre mark for the first time in months today as national average gasoline prices have trended down from yesterday to as low as $1.73.8.

Safeway in Terrace was selling regular gas at $1.95.9 cents per litre Thursday morning, a full 4 cents lower than at the 7/11 Petro Canada station on Hwy 16 where a litre of fuel would set you back $1.99.9.

The Chevron station on Hwy 16 in Thornhill was also priced at $1.95.9 per litre compared to $2.02.9 at the Circle K Esso station and the same at Copperside Petro Canada. The 7/11 Esso in Prince Rupert was at $2.19 and Smithers prices were observed at $2.16.9 on Thursday, as seen by Black Press Media staff.

Prices had already dropped to $1.84.9 at the Petro Canada in Kitwanga on Wednesday. The Wesco in New Hazelton was observed at $1.90.9 the same day and Kyah Gas in Witset was selling for $1.92.9.

Also on Thursday, global oil prices dropped to the lowest levels since before Russia’s invasion of Ukraine in February.

GasBuddy’s head of petroleum analysis Patrick De Haan told Black Press Media in July that he expected to see the average price at the pump in B.C. drop below $2 per litre in the coming weeks.

He said it’s part of a global trend as wholesale gas prices decline. Oil was off about $40 a barrel from its peak in early March after Russia invaded Ukraine, according to De Haan. Part of this is due to a small improvement in supply, but De Haan pointed to concerns around an economic slowdown as the biggest downward driver.

READ MORE: B.C. gas prices expected to drop below $2/litre mark: analyst

Premier John Horgan and Public Safety Minister and Solicitor General Mike Farnworth announced in March that drivers will receive a one-time rebate from ICBC of up to $110 for individuals and $165 for commercial drivers.

In a statement to Black Press Media, the insurance corporation said all 2.8 million rebate cheques have been sent to Canada Post for delivery. ICBC has already issued 25,000 rebates to customers who signed up for direct deposit and issued all credit card rebates to 573,000 eligible customers.

No money is coming in the form of a text or email. If you get a text claiming to be your ICBC rebate, it’s a scam.

With files from Black Press Media staff

READ MORE: ICBC says all 2.8M rebate cheques are in the mail months after announcement

READ MORE: Inflation may have peaked in June as gas prices soared


 

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michael.willcock@terracestandard.com

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