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Gas prices set to drop to lowest level since January

The drop at the pumps coincides with falling oil prices.
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lovro77 via gettyimages.com

If you can hold off to fill up your gas tank, you will be able to save a few dollars at the pumps, as the price for gas in Ottawa is set to drop to the lowest point since January.

Roger McKnight, Chief Petroleum Analyst at En-Pro International, told CityNews that the price of gas is expected to fall by four cents on Wednesday, Nov. 30 to $1.429/litre at most Ottawa stations.

Last Friday, the price for gas was $1.529/litre before dropping six cents over the weekend to $1.469/litre. With the latest drop expected on Wednesday, gas prices will have fallen by 11 cents in a week.

Back in January, gas prices dropped to $1.409/litre. It then peaked at a record $2.149/litre in June before falling to below $1.44/litre in September.

The drop at the pumps coincides with falling oil prices. This time Monday morning, the price for oil was down to its lowest level in around a year to below US$74 a barrel.

The lower price at the pumps may not last, as OPEC is already talking about cutting production by two million barrels a day to stabilize the energy market.

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