Ottawa motorists will want to fill up the gas tank on Saturday, before prices start to rise at the end of the weekend.
Gas prices dropped to their lowest level in six months at Ottawa stations on Saturday, at $1.599 a liter. According to ottawagasprices.com, some stations in Ottawa were selling gas for $1.54 a liter.
Prices have dropped 20 cents a liter in Ottawa since Thursday.
However, Canadians for Affordable Energy President Dan McTeague is telling motorists to fill up the gas tank today.
McTeague forecasts prices will rise seven cents a liter in Ottawa and across Ontario on Sunday to 166.8 cents a liter.
Gas prices in Ottawa have dropped 56 cents a liter since hitting a record high of 215.9 cents a liter on June 11. A drop in demand and rising fears about a recession have driven down the price of oil. The Ontario government cut the gas tax rate on July 1 from 14.7 cents per litre to 9 cents per litre.
Speaking on Newstalk 580 CFRA’s Ottawa at Work on Friday, McTeague said the recent drop in gas prices is welcome, but “don’t expect it to last.”
“The markets, I think, are overestimating the amount of drop demand we’ve seen in the United States and underestimating the severest supply shortage that we’re having,” McTeague said.