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Despite some positive news in the Iran war, Ottawa drivers enduring soaring gasoline prices should be prepared to wait a while longer for relief.
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Industry observers expect prices are expected to climb by nine to 10 cents per litre by Saturday.
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Most of the hike, about five cents per litre, is expected to be due to the annual switch to summer blends at the pumps. Summer blend gas reduces butane, used to help cars start in winter, with more expensive additives.
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“The … increase in eastern Canada is made up of three cents due to the futures price change and five cents for the switch from winter to summer formulation gasoline,” Roger McKnight, chief petroleum analyst at En-Pro, said.
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En-Pro is an independent Canadian company specializing in energy cost controls and procurement.
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McKnight notes “the formulation switch is mandated by the U.S. EPA, which Canada dutifully follows. This is not an oil industry decision.”
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“Price movements are dramatically affected with the war in Iran with headlines driving speculation, which pushes prices up or down depending on the rumour flavour of the day,” McKnight says.
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“Currently the headline being read is that the Strait of Hormuz is open. This will be interpreted by the traders that oil will flow once again and drive down the price of crude and gasoline.”
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But in the short term, the Middle East uncertainty is expected to continue to nudge fuel prices higher.
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Dan McTeague, president of Canadians for Affordable Energy, has issued similar forecasts, predicting gas prices will be up by nine to 10 cents per litre on Saturday. Diesel prices are expected to rise by two cents.
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According to the Canadians for Affordable Energy, the average price of gas in Ottawa is $1.75(9) per litre.
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