Patrick De Haan, head of petroleum analysis at GasBuddy.com says average gasoline and diesel prices declined in every province over the last week, but he suggests the outlook remains unsettled after Iran suggested the Strait of Hormuz was closed, along with fresh warnings that the U.S. could again strike Iran.

Average retail gasoline prices in Saskatoon have fallen 0.9 c/L in the past week, averaging 161.45 c/L yesterday, this compares with the national average that has fallen 4.5 c/L in the last week to 162.63 c/L.

Including the change in gas prices in Saskatoon during the past week, prices yesterday were 27.3 c/L higher than the same day one year ago and are 19.3 c/L lower than a month ago.

De Haan says gasoline prices aren’t yet at a significant risk of a spike, but that risk could change quickly if the situation with the Strait of Hormuz worsens or escalates further.