Gas prices in Montreal have been on the decline this week — hitting some of the lowest rates seen in nearly a year. That's good news for drivers who've been hearing a slew of unfavourable predictions over the last few months. Fortunately, the current cost break is slated to last through the weekend.
The average price per litre of unleaded fell to $1.50 in the city on Friday, down just over 12 cents in seven days. By Saturday, it's expected to go down another two cents, according to price analyst site Gas Wizard. That's just above the $1.46/litre lowest average price recorded this past year.
Most of Canada is experiencing a similar price break at the pumps. The national average has fallen around about 30 cents since November with lower international demand. Global News reports
Even the U.S. is seeing a respite, with some analysts predicting a $2.99/gallon national average (down from over $5) in the next two weeks.
"While OPEC+ upheld production cuts from last month, they could always cut more production. For now, however, we’ll likely see another week of declines at the pump in nearly all areas," said Gas Buddy expert and head of petroleum analyst at the company, Patrick De Haan.
A graph comparing the annual average gas prices in Canada and Montreal.Gas Buddy
So don't get too cozy with the savings. Gas Wizard's Dan McTeague has suggested that prices could reach a whopping $2.30/litre by January 2023, due to tightening global supplies.
The current downward trend could change right after the holidays, but, for now, enjoy the holiday gift.