Gas prices expected to drop 12 cents a litre on Friday

Ottawa residents can expect some relief at the fuel pump later this week, as prices are expected to drop by 12 cents on Friday. CTV’s Katie Griffin reports.

Ottawa motorists could get some relief at the gas pumps this week after the United States and Iran agreed to a two-week ceasefire.

Gas prices have jumped more than 50 cents a litre since late February, with prices sitting at $1.89 a litre on Wednesday.

Canadians for Affordable Energy President Dan McTeague said gas prices could drop at least 12 cents a litre on Friday.

• Find the lowest gas prices at the CTVNewsOttawa.ca gas price hub

“With President Trump just now agreeing to a two-week ceasefire, gas prices can be expected to fall at least 12 cents a litre or more come Friday, April 10,” McTeague said on X.

The United States, Israel and Iran agreed to a two-week ceasefire on Tuesday, which includes reopening the Strait of Hormuz.

The cost of crude sank on the markets Wednesday morning following the ceasefire announcement.

Speaking with Toronto’s Newstalk 1010 on Wednesday, McTeague said the ceasefire impact will be “rather dramatic and sudden.”

McTeague said gas prices should drop to $1.76 a litre.

“We won’t get back to where we were at the end of February, but we’re going to see prices drop, and we probably won’t notice next week the switch over from winter summer gasoline, which holds a seven-cent increase at this stage,” McTeague said.

Refineries are set to switch to summer-grade blend gasoline next week, which will add seven cents a litre to gasoline.

On Tuesday, McTeague told CTV Your Morning Ottawa the rising gasoline prices are due to a “supply shortage” caused by the war in the Middle East.

$1.99 in Gatineau

Gas prices inched closer to $2 a litre in Gatineau on Tuesday.

CTV News Ottawa cameras found gas for $1.99 at stations.

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