Gas prices are expected to continue their downward trend on Friday, according to industry experts, who are advising motorists to hold off on filling up their tanks for now.
Price Drop Forecast
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. This follows a dramatic tumble of about nine cents early Thursday, McKnight noted in social media releases.
Reasons for the Decline
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. The choking of passages through the strait affects about 25 percent of the world's seaborne oil trade. The observers noted a peace deal could lower the "war premium built into the cost of crude oil."
Expert Advice
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. "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. "HOLD OFF FILLING UP," McTeague suggested.
