Natural gas prices fell to a six-month low at Ottawa gas stations on Saturday, at $1,599 a litre. According to ottawagasprices.com, some gas stations in Ottawa were selling gas for $1.54 a litre. Prices have dropped 20 cents a liter in Ottawa since Thursday. But Canadians for Affordable Energy president Dan McTeague is telling motorists to fill up the gas tank today. McTeague predicts prices will rise seven cents a liter in Ottawa and across Ontario on Sunday to 166.8 cents a litre. Natural gas prices in Ottawa are down 56 cents a liter since hitting a record high of 215.9 cents a liter on June 11. Falling demand and growing fears of a recession have pushed the price of oil lower. The Ontario government lowered the natural gas tax rate on July 1 from 14.7 cents per liter to 9 cents per litre. Speaking on Newstalk 580 CFRA’s Ottawa at Work on Friday, McTeague said the recent drop in gas prices is welcome, but “don’t expect it to last.” “The markets, I think, are overestimating the magnitude of the drop in demand that we’ve seen in the United States and underestimating the more severe lack of supply that we have,” McTeague said.
