Motorists are celebrating as gas prices in Canada are on a downward trend due to the seasonal transition.
Earlier this week, gas prices climbed, hitting a national average of 194.5 cents per liter, as reported by affordableenergy.ca. However, they have since fallen by approximately eight cents overnight, now standing at 186.9 cents per liter as of Friday.
The price of gasoline typically rises during the summer and drops in the fall due to the transition from summer-blend gasoline to winter blend around mid-September, explains Dan McTeague, the president of Canadians for Affordable Energy.
The switch in fuel blends aims to prevent fuel-line freezing and optimize engine performance in colder temperatures, according to experts.
McTeague anticipates a further drop in gas prices over the weekend before stabilizing.
“However, this may be the peak unless there is a significant increase in the supply of oil, diesel, jet fuel, and gasoline in the global market,” McTeague mentioned in an interview with CBC News Network.
Gasoline prices have decreased by approximately eight cents per liter overnight, with some cities experiencing a 20-cent drop. This marks a reversal from the recent trend of rising fuel prices since the onset of the U.S. conflict in Iran.
The ongoing conflicts in the Middle East have disrupted oil transport through the Strait of Hormuz and impacted the Bab al-Mandeb Strait, leading to a decrease in oil supply globally. This has driven the price of Brent crude oil above $100 per barrel, now hovering around $104 US.
Conversely, diesel prices