Motorists in Moose Jaw may see some relief at the pumps in the coming weeks, as GasBuddy Petroleum Analyst Patrick DeHaan is predicting gas prices may dip below $2/litre within the city and province.
“I do sense a little bit of relief is on the way, I think Saskatchewan may go back under the $2/litre mark,” says DeHaan. “I’m hopeful that we could see the 206s [In Moose Jaw] drop down to the 199s in the next couple of weeks.”
“It’s not a guarantee, things could change, but I’m hopeful for now,” adds DeHaan.
Moose Jaw has been at 206.9 cents per litre at all stations since June 9, after a 10-cent spike two days prior. The current price broke a record for the highest price per litre ever seen in the city dating back to 2008.
As of Thursday, the average price of gasoline in Moose Jaw is 206.9, while the provincial average is slightly lower at 204.9 cents per litre.
DeHaan did want to stress his forecast is only a prediction, with many volatile factors coming into play that may take a part in fuel price spikes, and drops.
“What’s actively steering things is government data that comes out on a weekly basis, the demand which continues to be high. It’s been very challenging to predict where we’re going because of all the complications, how motorists are responding, government data on inventory, and refineries.”
He did mention that the crisis in Ukraine and COVID-19 are still having impacts on the price of fuel across the country. In saying that, currently, the price of oil is trending downward DeHaan notes.
“We were at about $120/barrel back on June 9, now we're down to about $105/barrel. A lot of that is occurring because of the possibility of the economic slowdown.”
DeHaan says that the unpredictability of the stock market has caused difficulty in the long-term forecast of fuel prices.
Canada’s average gasoline price is currently 203.6 cents per litre, with the most expensive gas in the country in Squamish, BC at 229.9. Those in Bonnyville, AB, have the cheapest gas price in Canada at 172.9.