Your Father’s Day road trip in Ottawa will be a little cheaper, as gas prices fall to the lowest level since the end of May.
Canadians for Affordable Energy president Dan McTeague says gas prices will drop four cents a litre on Sunday to 200.9 cents a litre.
Gas prices hit a record high $2.15 last Saturday at gas stations across Ottawa.
“Every time there are good job numbers or very high inflation numbers in the United States and in Canada, the response by markets is that this will inevitably bring higher interest rates. With higher interest rates, the perception is it’ll weaken the demand for everything,” McTeague told CTV News Toronto about the recent drop in gas prices.
However, McTeague says the lack of supply, worsened by the Russian invasion of Ukraine and subsequent sanctions against Russia, should drive prices back up.
Gas prices in Ottawa have remained above $2 a litre since May 29.
According to Ottawagasprices.com, the average price of gas in Ottawa was $1.25 a year ago, and $0.92 in June 2020.
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