Gas price slide expected to continue Friday, experts forecast

1 week ago 18

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The signs are looking good for more price drops at the gas pumps before the weekend.

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Petroleum analyst Roger McKnight at En-Pro International predicted a price drop of three cents per litre at Ottawa-area stations early Friday, bringing the average price to about $1.71 per litre.

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This followed a dramatic tumble of about nine cents early Thursday, McKnight in social-media releases.

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McKnight and others have said in recent reports that gas prices were softening along with unconfirmed reports that the United States could be nearing a peace agreement with Iran that, among other measures, could lead to the reopening of the Strait of Hormuz.

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The choking of passages through the strait affects about 25 per cent of the world’s seaborne oil trade.

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The observers noted a peace deal could lower the “war premium built into the cost of crude oil.”

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Dan McTeague, president of the Canadians for Affordable Energy group, also said on social media Thursday that prices could be expected to slide even more on Friday.

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“After falling 10 cts/l Thursday, #GasPrices are again expected fall 3 cts/l Friday, while #DieselPrices which fall 7 cts/l Thursday will again fall 5 cts/l Friday,” McTeague posted on X.

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“HOLD OFF FILLING UP,” McTeague suggested.

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