01/09/2015 08:58 EST | Updated 03/11/2015 05:59 EDT

Gas prices drop below $1 in Metro Vancouver

Gas prices in Metro Vancouver hit a new low on Friday as rates in several locations fell below a loonie per litre.

Various gas stations in Vancouver, Burnaby and Surrey were offering a litre of fuel for just 99.9 cents. A year ago, the same fuel cost $1.28.

It's the first time in six years that rates have fallen below the dollar level in the region and, according to several analysts, as long as there is a surplus of oil in the world, prices will remain low. 

The current surplus is not expected to dissipate for several months.