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Gas prices continue to freefall toward five-month low Saturday

The average price of gas has fallen 12 cents in the last two days to 167.9 cents/litre at many stations
01 26 2022 Gas Stock Image(1)

Local gas prices fell to the lowest in nearly four months on Friday, and experts suggest another big drop could be coming at midnight.

The average price has fallen 12 cents in the last two days, down to 167.9 cents/litre at many local stations. It’s the cheapest price residents have been paying since early April.

Experts suggest another significant drop could be coming on Saturday, bringing the price below 160 cents/litre for the first time since February.

Gas prices in the area peaked at 214.9 cents/litre in June.

The freefall in the price at the pumps can be attributed to the tumbling price of oil which is down to a five-month low after OPEC increased production this week.

OPEC and its allies said they will increase output to 100,000 barrels a day next month after raising it by 648,000 barrels per day in July and August. It comes after U.S. President Joe Biden visited Saudi Arabia last month, aiming to improve relations and encourage more oil production from the cartel to draw down high prices at the pump.

Crude oil prices fell Wednesday to just below $91 a barrel, down from more than $120 in early June.

-- With files from The Associated Press