NEW THIS MORNING
Here's when gas prices will drop below $2 a litre in Ottawa
Gas prices are set to fall 13 cents a litre over the next two days, giving drivers some relief at the pumps ahead of the Victoria Day long weekend.
Gas is selling at 209.9 cents a litre at Ottawa gas stations on Wednesday, a record high for prices in the capital.
Canadians for Affordable Energy President Dan McTeague says gas prices will fall three cents a litre on Thursday, followed by a 10 cent a litre drop on Friday.
Prices will drop to $1.96 a litre at the start of the weekend.
McTeague says the reason for the drop in gas prices is stock markets panicking over the U.S. federal reserve rate increase and talk of a global recession.
Gas prices have continued to rise in Ottawa through the spring, surpassing $2 a litre for the first time last Saturday. McTeague has said the price hike since February can be tied to fuel supply shortages amid Russia's invasion of Ukraine and international sanctions.
With files from CP24's Kerrisa Wilson
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