Ottawa gas prices to drop to lowest level in six months this weekend
Ottawa motorists will enjoy some relief at the gas pumps this weekend, with gas prices set to drop to their lowest levels since February.
After a 12 cents a litre decrease in prices at Ottawa stations over the past two days, Canadians for Affordable Energy President Dan McTeague says prices will drop eight cents a litre on Saturday, with another two or three cent a litre decrease possible on Sunday.
"The prices we're going to pay (Saturday) are similar to what we paid back in February – February 27. It's been six months since we've seen this kind of prices," McTeague told Newstalk 580 CFRA's Ottawa at Work.
Gas prices dropped six cents a litre on Thursday to $173.9 cents a litre, with another six cents a litre drop on Friday bringing the price to $1.679 a litre. Some stations were selling gas for as low as $1.659 a litre Friday afternoon.
"I woke up this morning and I'm like, 'Holy crap, gas is like, is this a joke?'" said Stephanie Mercanti.
"The relief is going to help me a lot more," said Tania St. Pierre. "So I’m able to go father. Go longer. Help more clients."
The personal support worker says they were probably spending $60 to $70 a day on gas.
"My job means so much to me, being a personal support worker, helping these seniors, people with disabilities. I will take the hit to help them. So with this gas relief, it’s a break for me," St. Pierre said.
The price of a litre of gas in Ottawa hit a record 215.9 cents on June 11.
With McTeague forecasting an eight cent a litre drop in gas prices on Saturday to $1.599 a litre, that will mean gas prices have dropped 56 cents a litre in less than two months.
"These are very welcome prices, but the problem with all this is … don't take it for granted and don't expect it to last, because the markets I think are overestimating the amount of demand drop we've seen in the United States and underestimating the severest supply shortage that we're having," McTeague said.
Gas prices have been on the decline since mid-June amid a drop in demand and rising fears about a recession. The Ontario government cut the gas tax rate on July 1 from 14.7 cents per litre to 9 cents per litre.
McTeague expects to see gas prices begin to rise next Friday, with higher prices coming by the end of August.
"Prices are likely to snap right back as violently as anything we've seen."
According to ottawagasprices.com, the average price of gasoline in Ottawa was $1.32 a litre in August 2021 and near 92 cents a litre in August 2020.
CTVNews.ca Top Stories
Poilievre will do 'anything to win,' must condemn Alex Jones endorsement: Trudeau
Prime Minister Justin Trudeau is ramping up his attacks on Conservative Leader Pierre Poilievre as he promotes his government's federal budget.
'My stomach dropped': Winnipeg man speaks out after being criminally harassed following single online date
A Winnipeg man said a single date gone wrong led to years of criminal harassment, false arrests, stress and depression.
New evidence challenges the Pentagon's account of a horrific attack as the U.S. withdrew from Afghanistan: CNN exclusive
New video evidence uncovered by CNN significantly undermines two Pentagon investigations into an ISIS-K suicide attack outside Kabul airport, during the American withdrawal from Afghanistan in 2021.
'One of the single most terrifying things ever': Ontario couple among passengers on sinking tour boat in Dominican Republic
A Toronto couple are speaking out about their 'extremely dangerous' experience on board a sinking tour boat in the Dominican Republic last week.
All Alberta wildfires to date in 2024 believed to be human-caused: province
There are 63 wildfires burning in Alberta's forest protection area as of Wednesday morning and seven mutual aid fires, including one in the Municipal District of Peace.
Video shows suspects waving weapons, smashing glass in Toronto jewelry store robbery
Arrests have been made after five men were captured on video rampaging through a jewelry store in Toronto, waving weapons and smashing glass display cases.
Pilot proposes to flight attendant girlfriend in front of passengers
A Polish pilot proposed to his flight attendant girlfriend during a flight from Warsaw to Krakow, and she said yes.
Ottawa injects another $36M into fund for those seriously injured or killed by vaccines
The federal government has added $36.4 million to a program designed to support people who have been seriously injured or killed by vaccines since the end of 2020.
Ex-SNC executive sentenced to prison term in bridge bribery case
The RCMP says a former SNC-Lavalin executive has been sentenced to three and a half years in prison in connection with a bribery scheme for a bridge repair contract in Montreal.