Arab Canada News
News
Published: August 26, 2022
If you are planning a road trip on the last weekend of August, this is a great time to fill your car's fuel tank.
After the decline witnessed in the Canadian capital Ottawa in fuel prices, where the price of gasoline today, Friday, August 26, reached its lowest level in nearly six months on Friday.
The average price dropped by four cents, reaching $1.549 per liter at most Ottawa stations.
The last time the city saw gasoline prices this low was last February.
Many experts pointed out that the postponement of the price increase will be short-term, with a significant rise expected by September.
Roger McKnight, senior petroleum analyst at En-Pro, told local media earlier this week that he does not believe a return to high prices will happen in the near future, but people should enjoy the cheaper prices while they last.
McKnight also said: "I think we were fine over Labor Day."
Adding, "After Labor Day, what we call the shoulder demand season begins."
What happens in the fall is that diesel prices determine gasoline prices. If diesel prices rise, this affects the rise in gasoline prices."
He explained that an early cold wave could lead to an increase in diesel prices.
Prices are expected to return to the range of $1.80 to $1.85 when these changes start to take effect in September.
He says: "Get this while you can, because I don't think it will last."
The gasoline prices have fallen by 60 cents from their peak of $2.149 per liter in June.
Prices were also high, reaching $1.749 per liter at the beginning of August.
In Canada, despite a 35.6 percent increase in gasoline prices in July compared to the previous year, this is down from a massive 54.6 percent increase in June.
However, Canadians feel the inflation crisis as food prices have risen by 9.9 percent compared to last year, the fastest pace since August 1981.
Comments