The fall in world oil prices has provided a Christmas miracle with lower gasoline prices in most of Canada, but a fuel price expert said motorists must fill now because prices are expected to fluctuate in 2019.
Dan McTeague, a senior oil analyst at GasBuddy.com, said gasoline prices were at almost 18-month lows as global oil prices had fallen over the past two months amid fears of an economic downturn, strained US-China trade and concerns that members of the OPEC oil cartel will not live until production cuts.
Despite the brief rise in oil prices on Wednesday, the average regular gasoline prices remained around 17 cents lower per liter than last year in Alberta and Ontario, 12 cents lower in Manitoba, six cents lower in Quebec, 11 cents lower in Nova Scotia and three cents lower are lower in Newfoundland and Labrador.
McTeague said the price is in B.C. up two to six cents per liter compared to the same time last year, but it would be lower if it wasn't for the disruption of fuel imports from Washington due to the country's Olympic Pipe Pipe blackout in mid-December.
Benchmark US West Texas Intermediate oil prices fell to US $ 42.53 on Christmas Eve, down 44 percent from US $ 76.41 per barrel on October 3. They rose to US $ 46.22 on Wednesday but tended to be lower Thursday.
McTeague said "extreme volatility" in the oil market is expected to continue to wreak havoc on gasoline prices in Canada in early 2019.
I think what we see here is where oil prices – and pump prices as a result – go up and down five and 10 percent in one week, many of these are really signs of what we will see in 2019, extreme price movements , "He said.