How the ceasefire in Iran could affect gas prices

CHARLOTTE — The price at the pump has been climbing steadily in recent weeks, but with the current two-week ceasefire in Iran, many drivers are wondering if relief may soon be on the way.

According to Gas Buddy, the average price for regular gas in North Carolina is $3.93. In South Carolina, it’s $3.85. Both are a dollar more per gallon than they were at the beginning of March.

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Patrick De Haan, the head of petroleum analysis at Gas Buddy, says even with the price per barrel tumbling, stations will likely lower prices at the pump slowly by a couple of cents every few days. Part of that is because of uncertainty with the current situation in the Middle East. It’s also because some still have to sell the higher priced gas they already bought.

“Stations generally buy gasoline only every two to three days,” De Haan said. “So, some stations are probably not going to be buying cheaper fuel until this weekend.”

Another big factor is the Strait of Hormuz and how Iran chooses to operate it.

“We’re not yet seeing a whole lot of ships go through the strait, so while there is a ceasefire in practice, we’re going to be watching very closely over the next 72 hours whether boats will be allowed to flow through.”

Kristina Acker is a manager at Oakdale Mini Mart in northwest Charlotte. She says she expects gas prices to drop, and she understands it’s a tough situation for everyone — even station owners.

“For it being a little store, when it takes a hit it takes a hit,” Acker said.

Even after the big drop in oil prices, the price per barrel is still $30 higher than it was before the war in Iran started, De Haan said. His best advice is to expect a drop, but not a massive one right away, especially compared to pre-war prices.

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