Gas Prices In Ottawa Could Drop As Low As 81 Cents Per Litre This Week
You might want to hold-off filling up!
It’s a good week to fill-up. As fuel prices across the country continue to drop, gas prices in Ottawa could reach as low as 81 cents per litre later this week. Maybe it’s time for a road trip?!
Across the country, Canada has seen a downward trend in gas prices, with considerable drops believed to be related to the COVID-19 outbreak.
On Monday, the cost of fuel was as budget-friendly asper litre in some parts of the capital, which is considerably cheaper than usual.
However, before you rush out to top up your tank, it might be worth waiting until the end of the week.
Dan McTeague, former MP and president of Canadians for Affordable Energy, told CTV News Ottawa that if the trend continues, prices could decrease even further.
In fact, McTeague predicts that costs could sink to as low as 81 cents per litre by mid-week.
In an email to Narcity on Monday, McTeague explained thatcould be seen across the country, with cities across Ontario seeing a particularly significant price drop.
He explains that the downward trend is due, in part, to the novel coronavirus outbreak, which is slowing down the global economy.
CTV News explains that this collapse in oil prices was triggered by a plunge in the energy sector, as world oil prices dropped 31% on Monday.
While cheap gas sounds great, McTeague warns that it comes at a cost.
"Less economic activity and a weaker currency will actually inflate prices for just about everything else since we price all commodities in Canada in U.S. terms," he explained to Narcity.
That said, if you’re going to fill-up anyway, you may as well try to make the most of these lower prices at the pump.
According to McTeague, Wednesday could be one of the best days to get gas this week, as yet another price drop is expected.
By the afternoon, it’s predicted that costs could get cheaper by up to eight cents per litre.
There’s probably going to be a big after-work queue on Wednesday at your local fuel station!
If you've been planning a road-trip or a day-out away from home, it seems now is the time to go!