Gas price watchers are confident capital region motorists could be in for a break heading into the weekend.
Roger McKnight, chief petroleum analyst at En-Pro International, has issued an alert that prices are expected to slide by eight cents per litre Friday, bringing pump prices to an average 183.9-184.9 cents per litre in the region.
The plunge extends the price volatility shown this year due to supply concerns, fluctuating wholesale costs and refining output shifts.
McKight attributed the latest slide to “the commodity traders just jumping on the rumour headlines when Trump blurted out that the Hormuz conflict/war would be over ‘soon’ (which) lowered the war premium built into the cost of crude.
“Will the rumour hold water and keep prices down? Its another continuation of the guessing game,” he wrote.
Dan McTeague, president of the Canadians for Affordable Energy group, said on social media Thursday that prices are expected to drop nine cents a litre at stations in the Ottawa area.
“Thanks to short-selling on futures markets & despite a historical drawdown in US oil inventories, fuel prices sold off generally, meaning a 9 ct/l drop in #GasPrices & #DieselPrices for Friday across most of 🇨🇦 except maritimes,” McTeague wrote in a post on X.
Friday’s expected decrease follows a series of sharp increases earlier this month, contributing to Canada’s inflation rate rising to 2.8 per cent.
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