Gas prices on southern Vancouver Island have fallen below a buck a litre – a milestone not seen in four years.
Gas prices in Greater Victoria have dropped below $1 per litre as oil prices continue to decline due to global price wars and lower demand from consumers.
GasBuddy reported prices dropping to 99.9 cents per litre for regular-grade gasoline on Thursday evening.
Other places across British Columba saw prices drop below $1 per litre in late March, including Nanaimo. As of today, many gas stations in Nanaimo were listed at 87.9 cents per litre.
The reason for the decline in pump prices primarily has to do with the COVID-19 pandemic.
With people in Canada and around the world being ordered to stay home as a result of the crisis, the demand for oil has plummeted. When demand for oil goes down, so do the prices.
The last time gas was below a $1 per litre was in February 2016.
