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Gas Prices In Montreal Will Drop On Friday & Even More Over The Weekend

You may want to fill up while fuel is more affordable. ⛽

MTL Blog, Staff Writer
A car pulled into a Petro-Canada gas station in Montreal.​

A car pulled into a Petro-Canada gas station in Montreal.

Gas prices in Montreal will ebb toward the end of the week and are expected to fall further this weekend. The average cost per litre of unleaded went down to $1.94 on Thursday.

By Friday, that amount should lower a further two cents to $1.92 per litre, according to Gas Wizard. The price monitor site predicts even more drops on Saturday.

The city has seen mostly record-breaking prices — well over $2 per litre — since mid-May, but prices have softened slightly in the past week.

In the longer term, Montrealers will likely keep getting squeezed at the pump.

The Organization of Petroleum Exporting Countries (OPEC) released its 2023 supply-and-demand forecast earlier this week. The organization coordinates petroleum policies across over a dozen countries and expects even stronger oil consumption during pandemic recovery over the next year due to pent-up demand.

The OPEC report predicts demand for crude oil will surpass at least two million barrels a day next year for each producer. Production would need to significantly ramp up to meet global needs, but many members are already falling far behind current demand.

In fact, the daily total crude oil barrels needed in 2023 would average around 30.1 million. That's about 1.38 million more per day than OPEC members produced last month.

While that wouldn't require a record high production level, output hasn't reached that level since 2018.

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