A new lower price on display at the Peninsula Co-op gas station in Royal Oak. (Travis Paterson/News staff)

A new lower price on display at the Peninsula Co-op gas station in Royal Oak. (Travis Paterson/News staff)

Price of gas drops to $1.289 in Greater Victoria

Drop in gas price could mean more money for the holidays

Gasoline prices dropped in Greater Victoria on Wednesday morning down to 128.9 cents per litre.

According to Gasbuddy.com, the drop comes after prices sat at 134.6 c/per litre for the previous nine days. It’s the lowest price in Victoria since gas was 132.0 c/pl on Feb. 25, however Victoria prices remains among the highest in the country. In Toronto, drivers pay just 107 c/pl.

If it stays, the drop will mean extra spending money for the holidays.

According to GasBuddy.com, gasoline prices in Victoria has ranged widely over the last five years, 131.55 c/L in 2017, 113.72 c/L in 2016, 114.60 c/L in 2015, 114.50 c/L in 2014 and 117.70 c/L in 2013.

RELATED: Gas prices in Victoria jump 10 cents

A recent GasBuddy report tracked the price of oil, which dropped $6.34 per barrel earlier this week while Canadian oil blends traded as low as $12 per barrel.

“The total effect may have been worrisome for petroleum producers, but for refiners and drivers alike, no one seemed to be complaining as average pump prices across Canada fell by 3.5 cents a litre to an average of 109.6 cents, their lowest since early October 2017,” said Dan McTeague, analyst with GasBuddy.

reporter@saanichnews.com

gas prices