Will Maritime gas prices be more stable in the future?

A steady decline in prices has some Maritime motorists breathing a bit easier when they hang up the gas nozzle these days.

“The travelling is over, so why not lower the prices, we are not buying as much gas,” says motorist Robert Boutilier.

On Sept. 1, the pump price for regular self-serve gasoline in Nova Scotia was a little more than $1.84 a litre.

After a reduction of a cent-and-a-half a litre on Friday by the Nova Scotia Utility and Review Board, gas now sits at slightly above $1.52.

“The seasonality in gas prices is going to persist,” says petroleum analyst Patrick DeHaan. “Gas prices are lowest in fall and winter, they start to go up in spring and certainly highest for summer.”

The feeling is, however, that prices won't be as high as we've seen the last couple years. DeHaan is predicting a stabilization of prices.

“As we continue to see some of the issues that caused high prices fade into the rear-view mirror, things have finally started to cool off a bit,” DeHaan says.

“New refineries have come online and areas like the Middle East and Asia and Africa that should offer more refined product that should help keep global prices a bit cooler in the year ahead.”

Still, it may not be enough for some people who are careful with how much they put in their tanks.

“I don’t fill it up. I just put enough gas in to get where I’m going and come back," says Gene Drennan.

“I’d like for it to be around the $1.20 to $1.30 you know?” said Boutilier. “I do drive a truck and it’s 100 litres so when you’re paying $1.50 – $1.75 a litre you know that’s almost $200 every time you go to the gas pumps.”

DeHaan doesn't think prices will sink that low but he is optimistic for 2024.

He says as long as Russia’s war in Ukraine continues, there will be some volatility at the pumps but he says motorists should be able to avoid hitting the $2.00 a litre mark. He’s hopeful prices will peak this summer around $1.80.

For more Nova Scotia news visit our dedicated provincial page.