Canada Sees Temporary Gas Price Relief Amid Ongoing Global Market Volatility

Gas prices in Canada have dropped sharply in several provinces, with Ontario and Quebec seeing overnight price drops of about 10 cents per litre.

The decline follows a sharp drop in crude oil prices over the past 10 days, which has fallen to around US$75 or US$76 a barrel from a high of US$90 a barrel a week and a half ago.

Dan McTeague, president of Canadians for Affordable Energy, said that gas prices in Calgary and Edmonton could drop even further to $1.55 to $1.60 over the next 24 to 48 hours due to the wholesale price drop.

However, McTeague warned that the situation remains highly volatile and that oil prices can fluctuate rapidly in response to news developments, such as the ongoing tensions over the Strait of Hormuz.