Drivers across the Montreal area woke up to lower prices at the pumps Thursday, with gasoline dropping by as much as nine cents per litre overnight as global oil markets reacted to easing geopolitical tensions involving the United States and Iran.
The decline follows growing optimism among energy traders that a broader conflict in the Middle East could be avoided and that the Strait of Hormuz, one of the world’s most critical oil shipping routes, will remain open to global crude supplies.
On Thursday, regular gasoline prices had fallen across the region, including 184.9 cents per litre at an Esso on Saint-Laurent Blvd. in Montreal, 184.9 cents at a Petro-Canada on Curé-Labelle Blvd. in Laval, and 184.9 cents at an Ultramar on Jacques-Cartier Blvd. East in Longueuil.
On Wednesday, prices had been higher, reaching 193.9 cents per litre at stations in Montreal and Longueuil and 190.9 cents in Laval.
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Analysts say fuel markets remain highly sensitive to geopolitical developments in the Middle East because any threat to oil transportation routes can quickly push crude prices higher worldwide.
While Thursday’s decrease brought some relief for drivers, experts caution that prices could still fluctuate in the coming days depending on diplomatic developments and global oil demand.
Drivers looking to track gas prices across the region can consult Régie Essence Québec online fuel price monitoring. tool.
