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Gas prices to drop to five-month low on Saturday as freefall continues

The freefall in the price at the pumps can be attributed to the tumbling price of oil which is down to a six-month low on Friday.
gas pump

Gas prices in Ottawa have fallen to the lowest they've been in nearly four months, and experts suggest another big drop could be coming at midnight.

The average price has fallen 12 cents in the last two days, down to $167.9 cents/litre at most Ottawa stations as of Friday, August 5.

That's the cheapest price Ottawans have been paying since early April.

Also, experts suggest another significant drop could be coming on Saturday, bringing the price below $160 cents/litre for the first time since February.

Gas prices in the National Capital Region peaked at $215.9 cents/litre in June.

The freefall in the price at the pumps can be attributed to the tumbling price of oil which is down to a six-month low on Friday, coming after the Organization of the Petroleum Exporting Countries (OPEC) increased production this week.

OPEC and its allies said they will increase output to 100,000 barrels a day next month after raising it by 648,000 barrels per day in July and August. It comes after U.S. President Joe Biden visited Saudi Arabia last month, aiming to improve relations and encourage more oil production from the cartel to draw down high prices at the pump.

Crude oil prices fell Friday to $88 per barrel, down from more than $120 per barrel in early June.

With files from The Associated Press
 

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