A price drop is expected at the pumps this week.

When the Utility and Review Board resets regulated prices at midnight, News 95.7 is predicting a drop of about two cents a litre for regular self-serve.

George Murphy of Consumers For Fair Gas Prices told the Rick Howe Show Wednesday that oil and gas inventories are high, and the world situation has stabilized for the time being.

“There’s plenty of crude oil out there. They’re saying that there’s nothing here to support oil prices being up where they are. Unless you’re talking about the Middle East situation of course, and that seems to be well…we’re still in a holding pattern when it comes to that,” he said.

Of the current stock, Murphy said “U.S. inventory and crude oil are up by 2.8 million barrels over the last seven days, up til Oct. 12. Gasoline inventories are up by 1.7 million barrels up to the week of Oct 12, so oil is down.”

Murphy was not optimistic about the prices for distillate fuels like diesel and home heating oil though, suggesting an increase tonight.

“Heating oil and stove oil and diesel, those numbers are up over here. At least that’s the projection anyway. Right now, those numbers are showing upwards of about 2.7 cents,” said Murphy.

In New Brunswick, gasoline prices dropped by 2.2 cents a litre last night with the maximum regulated price set at $132.9.