The price of gas and diesel will likely continue to trend downward this week after an 11-cent drop at the pumps on Wednesday, gas price analyst Dan McTeague says.
In an interview with CP24, McTeague said markets are indicating “some optimism over what’s happening in the Persian Gulf and the Strait of Hormuz.”
“Silence on the geopolitical front means that we could be seeing another decrease,” he said Wednesday.
Gas could fall another four or five cents by Friday and diesel could see a seven-cent drop, McTeague said.
That would bring gas prices down to about $1.62 a litre by Friday and diesel down to around $2.34 a litre.
McTeague noted that this is still “substantially higher” than one year ago, when the price of gas was about 30 to 35 cents a litre cheaper and the price of diesel was down about 80 cents a litre.
“It is heading in the right direction,” he added.
McTeague noted that the warmer than normal weather has also helped as there is less used for diesel.
“The pressure is off for a little bit at least for the foreseeable future,” he said.
McTeague said it is “too early to tell” what impact the midterm election results will have on gas prices.
