Key Takeaways:
- The cost of gas in Regina has declined over the past month; as of Wednesday, most stations were charging, on average, less than $1.799 per liter.
With summer in total swing, families have been using Saskatchewan’s roadways, and gas stations have finally begun to offer some respite.
Over the past month, Regina’s gas prices have decreased over the past month, with the majority of stations charging less than $1.799 per liter on average as of Wednesday.
Given the historic highs in petrol prices since the year’s beginning, it arrives just in time for many drivers.
This is the first step in price reduction, according to Dan McTeague, president of Canadians for Affordable Energy and the creator of Gas Wizard. This website estimates fuel costs across the country.
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According to him, most petrol stations now pay $1.50 a liter to replace the fuel they are purchasing. They typically add a retail margin of eight to twelve cents on top of that.
To return to their usual levels, gas prices may easily decrease from $0.12 to $0.15 per liter.
Additionally, the deterioration is already apparent.
On Wednesday, a station in Saskatoon had the lowest gas prices in the entire province, with a liter costing just $1.559. The day’s lowest price for gasoline in Regina was $1.619 per liter.
According to McTeague, the decline is the effect of falling oil prices as well as cheaper prices in the United States.
McTeague predicts that prices will continue to decline into early August before beginning to rise again as the summer concludes.
He predicted that there might be another five to eight-cent decline. “I believe that prices could begin to move back up by the second or third week of August.
“I believe that all fuel prices will likely increase significantly after the summer, which defies logic. Typically, these prices increase over the summer.
At this moment last year, the average cost per liter was about 35 cents less than it is now.
Source: Global Price
