How much is gas today? Prices fall on heels of Iran deal announcement

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Canadian gas prices are down compared to last week as the U.S. and Iranian administrations appear close to a deal to end their months-long conflict.

The national average, according to online tracker GasBuddy.com, was $1.67/litre as of 8:30 a.m. ET Wednesday. World leaders – including Canadian Prime Minister Mark Carney – have welcomed the announcement of a deal “secured under the strong leadership of President [Donald] Trump.”

The U.S. and Israel first attacked Iran at the end of February. The strikes led to various blockades of the Strait of Hormuz, a key oil shipping artery. Global prices at the pump spiked worldwide as a result. The U.S. and Iran announced a tentative agreement late Sunday, which will extend a ceasefire for another 60 days, during which all sides will negotiate details of a final agreement. An official signing ceremony is expected to take place Friday in Switzerland.

Details of the deal have not been made public, though Carney said the conflict was “worth it” if it means Iran does not have a nuclear weapon.

Even if the deal is ratified by all sides of the conflict, reopening the strait and returning it to pre-conflict levels of traffic will take some time, experts have warned.

Prices by province

National prices were down 3.6 cents from last week’s average of nearly $1.71/litre, and $1.88/litre last month.

The highest price on Wednesday was $1.90/litre in British Columbia, where prices have been consistently higher compared to the rest of the country.

Alberta had the lowest prices at the pump at $1.59/litre on average.

Prices per litre

• British Columbia: $1.90
• Newfoundland and Labrador: $1.86
• Prince Edward Island: $1.83
• Quebec: $1.74
• New Brunswick: $1.72
• Nova Scotia: $1.71
• Saskatchewan: $1.63
• Ontario: $1.61
• Manitoba: $1.60
• Alberta: $1.59

With files from CTV News’ Stephanie Ha.