Some of the lowest gas prices in all of Alberta are in south Red Deer this week, including at Fas Gas where a litre of regular is going for 84.9 cents/litre. (rdnewsNOW/Josh Hall)

By Josh Hall (Twitter: @Vancan19)

provincial average down

Coronavirus concerns leading to lower gas prices: GasBuddy

Feb 6, 2020 | 1:30 PM

Coronavirus may be to credit for falling gas prices in Red Deer and around Alberta, according to an industry analyst.

Prices in the city, particularly on the south end, have dipped over the last week to as low as 84.6 cents per litre.

The provincial average is hovering just over 100 cents/litre, as low as it’s been since December and before that March 2019.

Canada’s national average gas price for Feb. 6 is 110.4 cents/litre, down from 114.9 from a month ago.

“Oil prices are down to about $50/bbl with some of the fears over Coronavirus in China,” says Patrick De Haan, Head of Petroleum Analysis at GasBuddy.

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“It’s not something a whole lot of motorists would guess, but the only reason it’s really affecting the price of oil is because it’s disrupting demand from the world’s largest crude oil importer, and second largest user of oil, China.”

De Haan says with China essentially locked down in many areas, the demand for oil has decreased.

He explains that combined with the colder winter weather, it’s no surprise prices are lower, but he says they could stay that way for longer than usual.

“Typically, gas prices in Canada start go up in mid to late February as demand starts to recover, and we see refineries switch back to summer gasoline and doing maintenance work,” he says. “Coronavirus could delay that by several weeks, if not longer.”

The national average in the United States, which is at its lowest since last March (86.5 cents/litre), has also been impacted by Coronavirus, De Haan adds.

For the latest gas prices, visit our GasBuddy page.