Waterloo Region sees lowest gas prices since March. Are they here to stay?

Those hitting the highway for a long weekend road trip are in for a surprise at the pumps – gas prices dropped this week.

On Friday, at some gas stations in Waterloo Region, prices were at $1.50 per litre or lower.

Those traveling both near and far for the long weekend are taking advantage of the decrease.

“It hasn't been this low for quite some time and I'm very glad to see it go down a little bit,” said resident Ed Knowlton. “[It] helps everybody with grocery prices. Everything’s going up.”

“I wanted to take advantage [Friday] because the prices are low and I don't know if they're going to go up [because] sometimes they do, you know, on the long weekend,” said driver Andrea White. “But I'm hoping to get in under the wire.”

According to GasBuddy, prices in Waterloo Region have dipped to levels not seen locally in nearly six months.

In March, prices were down to $1.47 per litre whereas in July, it was up to $1.64 per litre.

One industry expert believes the downward trend could be around for awhile.

“If I was going to pick a number, or a trend, I would say it's going to keep on going down – and quite a bit,” said Roger McKnight, the chief petroleum analyst for En-Pro International Inc.

This drop comes just as people hit the road to soak up those final moments of summer.

“We're heading to Grand Bend to spend the day,” said resident Michelle Grande. “That's some beach time before the weather changes. Definitely taking advantage of the lower prices, we filled up today.”

“It's always worth the drive if you're not running out of gas, you know, see if you can find the cheapest [and] save some money,” Knowlton said, laughing.

The only travelers who didn’t seem thrilled were tourists from the U.S. That’s because prices there are lower.

“Y'all are up somewhere in the high $5 a gallon,” said Stephen Linardos, who is traveling from Florida to Toronto. “Getting fuel before coming up to Canada, it was $3.19 a gallon. Prices - I don't see why they shouldn't be fairly close to the same, whether they're gallons or litres.”

McKnight pointed out several factors contributing to price drop, including increased supply and decreased demand.

“Generally speaking, the demand has been slow. I think the consumer’s been worried about inflation and interest rates, and that's kept the car in the driveway… and so demand is down,” McKnight explained.

Drivers are making the most of the unexpected reprieve.

“Let's keep our fingers crossed that they keep going lower and lower, because that's what we Canadians need right now,” Grande said.

According to En-Pro, gas prices will increase two cents per litre on Saturday, bringing it to $1.55.