Ottawa gas prices set to drop again on Friday

Motorists fill up at an Ottawa gas station. (Tyler Fleming/CTV News Ottawa)

The price of gas is sitting at the lowest level in a month in Ottawa, and the cost is set to go down another three cents on Friday.

Gas prices dropped 10 cents a litre at stations in Ottawa and across Ontario on Thursday, with an average price of gas at 173.9 cents a litre.

Canadians for Affordable Energy president Dan McTeague says gas prices are expected to drop another three cents a litre on Friday.

The drop comes after oil prices fell on Wednesday after the ceasefire between the United States and Iran appeared to hold. A barrel of benchmark U.S. fell to $88.68 on Wednesday, the same level as mid-April.

“This really has to do with headlines that are suggesting that somehow there’s going to be some kind of a peace agreement between the U.S. and Iran; that hasn’t happened,” McTeague told CP24 on Tuesday about the drop in fuel prices.

“But markets seem to be really amused by this, and they are willing to shed a lot of their positions.”

The 173.9 cents a litre is the lowest price for gasoline in Ottawa since April 24.

McTeague says after a seven cent drop on Thursday, diesel prices will fall another five cents a litre on Friday.

With files from the Associated Press

• Sign up now for daily CTV News Ottawa newsletters
• The information you need to know, sent directly to you: Download the CTV News App