Gas prices heading for big drop at midnight
Posted Nov 15, 2022 05:40:00 PM.
Ottawa drivers should hold off one day before filling up the tank, if they are able to, with the price of gas heading for a big drop on Wednesday, Nov. 15.
Roger McKnight, chief petroleum analyst at EnPro International, says the price for a litre of regular will fall seven cents at midnight to an average of $1.589 a litre at most Ottawa stations.
@citynews680 @enpro_energy GAS UPDATE – PRICES GOING DOWN tomorrow, Wednesday, November 16…
BY 7 cents:
GTA, KW, Ottawa 1.589@RichardCityNews
— Roger McKnight (@RogerMcKnight) November 15, 2022
The price of oil has come down so far this week and the wholesale price of gasoline has dropped by four per cent over the past couple of days to $2.51/gallon. Also contributing to the falling price of gas, the Canadian dollar has gone up by two cents against the US dollar.
Gas prices in Ottawa peaked at a record $2.159/litre in June before falling to below $1.44 a litre in September.
Premier Doug Ford recently said his government will table legislation that would leave the tax break that cut gas prices by 5.7 cents a litre in place until the end of 2023. The cut first went into effect on July 1 and was originally due to expire on Dec. 31.
Ford cited inflation and global economic uncertainty as reasons behind the extension, which will also maintain a 5.3-cents-per-litre reduction in the price of diesel fuel. The province’s rate of tax on gas and diesel will remain at nine cents per litre until the end of 2023.
With files from Mike Eppel.
