Analysts predict that Canadians hitting the road this May long weekend will not see a significant increase or decrease in gas prices. The current average price of gas range between $1.625 to $1.639 per litre, with various factors contributing to the improvement in prices compared to mid-April. These factors include the switch from winter to summer gas, increased refinery output, and the end of maintenance season, leading to more production. While minor fluctuations may occur, overall, there should be broad relief in gas prices for the long weekend.
Despite the slight relief in gas prices, GasBuddy has stated that there is virtually zero chance of gas prices falling below $1 per litre again. Prices vary depending on location, with British Columbia having the highest average price of $1.897 per litre, compared to Ontario at $1.599 and Manitoba at $1.415. As more people hit the road for the long weekend, GasWizard’s Dan McTeague notes that gas prices will reflect what is happening in the markets. There has been a week-over-week decrease of about two to three percent in Canada, with potential increases of $0.01 expected on Friday and an additional increase on Saturday or Sunday.
McTeague warns that the markets may react to the upcoming U.S. Memorial Day weekend, which could lead to a bullish trend in gas prices by the following week. The Organization of the Petroleum Exporting Countries (OPEC) meeting on production cuts may also influence gas prices, but with recent drops in oil prices, adjustments are unlikely. De Haan advises Canadians not to worry too much about when to fuel up this weekend, as there should be minimal differences in prices from one city to another. However, the location of travel can significantly impact gas prices, with examples like the Kawarthas and Peterborough in Ontario having prices as much as $0.07 lower than Toronto.
While a major jump in gas prices is not expected in the coming weeks, there are still ways for Canadians to save on fuel. This includes driving more efficiently by utilizing cruise control on long road trips, checking fuel price tracking websites for the best prices, and maintaining good driving behavior such as avoiding jackrabbit starts and excessive braking. McTeague emphasizes that common sense is key when it comes to saving money on fuel.Overall, while gas prices may see some minor fluctuations, Canadians can expect some relief at the pump for the long weekend.Keeping an eye on market trends and making smart driving choices can help individuals save on fuel costs during their travels.
