Gas prices in Ottawa are expected to decline significantly over the next two days, following a mid-week increase. Motorists may find Friday afternoon an opportune time to fill up, as prices could drop as much as 13 cents per litre.
Current Price Trends
On Thursday, prices fell by about five cents per litre after rising by 10 cents or more earlier in the week. Friday is expected to bring an additional reduction of seven to eight cents, keeping prices below the $2-per-litre threshold.
Analyst Roger McKnight of En-Pro International Inc. notes that the conflict in the Middle East continues to create uncertainty in the market. International markets were buoyed Thursday after mixed signals from the U.S. administration regarding its strategy to end the war. Iran is reviewing the latest American proposals, following U.S. President Donald Trump's threat of intensified bombing unless a deal is reached that includes reopening the Strait of Hormuz to international shipping.
Expert Forecasts
Dan McTeague, president of Canadians for Affordable Energy, forecasts that Ottawa-area gas prices will slide to $1.849 per litre on Friday. However, he warns that volatility is expected to persist, and prices could climb again in the future.
Wholesale markets have already been affected by news of a potential peace deal, according to analysts. The combination of local trends and global geopolitical factors will continue to influence pump prices in the coming days.
