Customers line up at the Chevron station in Smithers this morning (Aug. 5) to take advantage of the first sub-$2/litre gas price in Smithers for months. (Thom Barker photo)

Customers line up at the Chevron station in Smithers this morning (Aug. 5) to take advantage of the first sub-$2/litre gas price in Smithers for months. (Thom Barker photo)

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

Gas prices across Canada trended down to as low as $1.73.8 beginning yesterday

The lineups at the Smithers Chevron station this morning were long and consistent as gas prices in Smithers dropped below the $2/litre mark for the first time in months.

As of Aug. 5, the Smithers station was selling regular gas at $1.93.9 per litre.

Meanwhile just up the highway, the 7-Eleven remained at $2.16.9.

This week communities across the Northwest saw similar, and some even greater, drops in prices.

Prices had already decreased to $1.84.9 at the Petro Canada in Kitwanga as of Wednesday (Aug. 3). 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. By Aug. 4, prices in Terrace had also dropped to as little as $1.92.9 as observed by Black Press Media staff in that city.

Also on July 4, 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 Thom Barker

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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