Ottawa drivers might want to wait to fill up, experts say

2 days ago 8

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Gas prices have dropped as much as 13 cents per litre so far this week, but observers are encouraging Ottawa drivers to hang on until Friday to fill up.

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They forecast a more than 10-cent-per-litre slide to an average of just below 162 cents, as a detente in the Iran war may be on the horizon.

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Roger McKnight, energy analyst at En-Pro International, said that the plunge restores some calm following the volatile summer markets where local prices swung by up to 20 cents in July alone.

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In a statement, McKnight said that gas prices “plummeted on Trump’s pronouncement that a ‘deal to open the Strait of Hormuz was almost done’. Gasoline prices fell between 10 and 18 cents a litre in celebration of this presidential decree.”

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“The status of the strait has been a continuous point of shifting claims, ultimatums, and ongoing negotiations (and) this latest offering has the strength of filling a paper bag with water,” he added.

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“If (Trump) and the Iranian government change their minds, yet again, then all bets are off.”

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McKnight’s expecting another drop of one penny or so per litre Friday.

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Trump told reporters on Monday that new talks between the U.S. and Iran are the “last chance” for Iran to secure a deal and avoid an escalation of U.S. strikes on the country.

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Gas prices hit $1.96 per litre in Ottawa in May due to the Middle East conflict and a strike in the Strait of Hormuz.

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