The fall of gas prices has slowed down or even stopped in some places.
Manitoba’s average dropped by 1.2 cents per litre in the past week, while gas in Dauphin hasn’t changed from the 74.9 c/L price last week on Monday.
According to Patrick DeHaan, head of petroleum analysis at GasBuddy gas prices might be at their lowest.
“Average gasoline prices in Canada are showing signs they are near a bottom, holding at nearly the same level from a week ago, the lowest level since 2008, while crude oil prices have risen marginally. While a meeting between Saudi Arabia and Russia scheduled for tomorrow has been cancelled, it appears possible the meeting will happen later in the week. The two parties have been expected to meet to discuss an oil production cut, which boosted oil prices nearly $7 per barrel last week on hopes it would materialize and eat into the global glut of crude oil. The outcome of the meeting has a potential to put a floor on gas prices, but without knowing what may happen, it's a bit premature to say with certainty that prices have bottomed out or not."
Including the change in gas prices in Manitoba during the past week, prices yesterday were 54.2 c/L lower than the same day a year ago, and 31.5 c/L lower than a month ago.