Gas prices in Ottawa are expected to rise by five cents per litre this weekend, bringing average regular fuel costs to approximately $1.63 per litre, according to analysts. The increase is driven by ongoing disruptions in the Strait of Hormuz, a critical chokepoint for global oil shipments, which continues to reduce crude inventories worldwide.
Analysts Predict Nickel Bump
Roger McKnight, chief petroleum analyst for En-Pro International Inc., forecasts a five-cent-per-litre jump effective at midnight, pushing average prices to about $1.629 per litre in Ottawa and across Ontario, including the Greater Toronto Area. Dan McTeague, president of Canadians for Affordable Energy, echoes this outlook, predicting a similar increase over the weekend with prices around $1.63 per litre.
Unstable Pricing Expected for Rest of Year
Both analysts warn of continued unpredictability in the coming months. The Iran conflict and the blockade of the Strait of Hormuz have created confusion and tension, negatively affecting global crude oil inventories and leading to price hikes. Uncertainty over U.S. involvement has further complicated efforts to resolve the issue.
“I would say we’re looking at very unstable pricing situation for the balance of the year,” McTeague said.
Broader Economic Impact
The price surge comes after more than a week of back-and-forth action with little resolution. The Strait of Hormuz, through which about 20% of the world's oil passes, remains a flashpoint. The continued blockade has reduced inventories, putting upward pressure on fuel costs across Canada.
