Ontario gas price seesaw continues, seven cent increase on Saturday
Posted Jul 8, 2022 05:30:00 PM.
Gas prices in Ontario continue to fluctuate, with a 7-cent rise on the horizon for Saturday.
The price for a litre of gas as of this morning is $1.76 at most Ottawa gas stations after a 12-cent drop on Thursday.
Roger McKnight, chief petroleum analyst at En-Pro, tells CityNews that gas prices will rise seven cents on Saturday, increasing to 1.83 cents a litre.
Fill 'er up Friday's! Gas to go up tomorrow…
Saturday, July 9UP 7 cents:
GTA, KW, Ottawa 1.839@RichardCityNews @680NEWS
— Roger McKnight (@RogerMcKnight) July 8, 2022
McKnight says the lower price can be attributed to the speculation of an economic recession that many experts suggest is just around the corner.
“The 12-cent (decline) was due to basically market forces. It goes down another three [Friday], and believe it or not, I’m looking at another seven on Saturday,” McKnight said.
The Ford government implemented a cut of the gas tax by 5.7 cents per litre on July 1, and prices dropped 11 cents on that day.
Rory Johnston, the founder of Commodity Context, said prices would likely stay volatile.
“What we’re likely going to see is kind of, you know, persistent and elevated volatility prices, but I don’t think we’re at a stage yet, or we’re going to be expecting kind of true and kind of relief at the consumer level for the rest of the summer.”
