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Gas prices drop but expected to rise again soon
A gas pump is shown at a filling station in Montreal on April 12, 2017. (THE CANADIAN PRESS / Graham Hughes)
Brendan Ellis, CTV Regina
Published Friday, December 7, 2018 6:19PM CST
Gas prices throughout the Queen City have dropped below one dollar, after one of the biggest decreases since October 2017.
Dan McTeague from Gas Buddy says that there are a couple of factors that contributed to the decrease.
“Consumers are benefiting from two factors: One the dramatic decrease in the price of oil, one of the fastest decreases we've seen in almost 10 years,” said McTeague. “The second factor is that retailers are really sharpening their pencil trying to maintain market share and they're getting rid of pretty much their entire operating cost to keep [consumers] happy.”
Around Regina prices are currently ranging from around 91 to 96 cents per litre, but according to Gas Buddy any consumers looking for a break at the pump, need to take advantage of it this weekend.
"Come Monday Tuesday and Wednesday look for prices here in Regina to go up by as much as 10 cents a litre, and probably remain at least 5 cents a litre above where they are today," said McTeague.
With a projected rise in price and the Federal Carbon Tax coming into effect in 2019, prices will be rising again on January 1 by 5.3 cents per litre.