Calgary to see significant drop in gas prices over next few days

Calgary drivers should try and hold off filling up their vehicles with a significant price drop at the pumps coming over the next few days.

Gas prices are expected to fall roughly nine cents sometime over the next few days at most Calgary stations, according to En-Pro chief petroleum analyst Roger McKnight.

The falling cost of gas reflects a dramatic drop in oil prices on Monday and another drop on Tuesday could lead to even more relief for drivers later this week.

The price of crude oil fell seven per cent Monday and prices are down another five per cent as of Tuesday morning. Oil prices have fallen to $106 per barrel after peaking at $115 per barrel last week.

Despite the recent drop, the price of oil is still up 40 per cent this year.

Read more: 

• Alberta fuel, energy prices soar but government’s affordability plan beyond gas tax unclear

• ‘It’s absolutely ridiculous’: Albertans reach deeper into pockets, find alternate solutions as gas prices rise

• Alberta gas prices: Will province’s plan result in relief?

The recent drop in price is tied to pandemic issues in China and progress in peace talks between Russia and Ukraine.

Lockdowns in China have given way to concerns of the country’s economic growth prospects. China’s largest city Shanghai entered lockdown this week to help combat a new surge in COVID-19 cases.

China is the largest importing nation in the world for crude oil.

Talks of a ceasefire between Ukraine and Russia is also a positive for reducing the risk assessment on energy trade. The two sides held talks in Turkey on Tuesday and Russia’s military said it would cut back operations near Ukraine’s capital and a northern city.

With files from CityNews business reporter Mike Eppel