Gas prices to drop by 12 cents in Saskatchewan: Analyst

After days of increases, a price drop could be on the way at the gas pumps.

Roger McKnight, chief petroleum analyst with En-Pro International, said Thursday that lower gas prices could be seen across the country over the next few days.

“(It’s a result of) the announcement by Iraq and (the United Arab Emirates) that they were willing and able to increase crude production in an effort to replace any or some of the Russian crude now off the market because of the theoretical ban on the importing of Russian crude,” McKnight said in a written statement.

“As well, there appears to be a willingness of Ukraine to discuss a truce with (Russian President Vladimir) Putin.”

He said the price drop should occur in southern Ontario on Friday and then soon be felt across the country.

In Saskatchewan, he said drivers could see a drop of 12 cents per litre. That same drop is expected in Alberta and Manitoba.

Montreal is expected to see the highest drop, down 15 cents per litre.

Gas prices have increased by more than 50 cents per litre in Saskatchewan over the past month or so. On Thursday, regular gas was selling for $1.79 per litre at many stations in Regina and Saskatoon.

There have been calls for the provincial government to provide some relief at the pumps, but Premier Scott Moe said Monday the province wasn’t actively considering removing the fuel excise tax.