Gasoline prices drop 8 cents Wednesday in southern Ontario, and will fall further, a**lyst says
Gasoline prices fell by eight cents per liter on Wednesday in the Greater Toronto Area and most of southern Ontario, but they are expected to fall further, according to an a**lyst.
The price of gasoline fell Wednesday to $1.629 per liter.
Dan McTeague, president of Canadians for Affordable Energy, said if drivers can wait to fill up on Thursday, an additional drop of one or two cents is expected.
“We’re looking at an additional decrease of a penny or maybe two cents on Thursday. If you don’t like a $1.629 high, wait until Thursday for a $1.619 or maybe even $1.609,” McTeague said.
“It’s a price we haven’t paid for more than two months.”
The last time gas prices were this low was mid-July.
However, McTeague notes that this time last year, drivers were paying $1,459 on September 20, 2022, which he says is a greater concern as the country’s inflation rate has reached 4 percent announced Tuesday by Statistics Canada.
“It’s still 17 cents more than last year,” McTeague said.
He also said one reason for the decline was the shift from summer fuel blending to winter gas, even though the price of oil is rising.
The other partial reason, McTeague said, is the diesel shortage.
“Refineries are working overtime to try to produce more diesel because you can’t turn a switch on or off. By trying to use more barrels of oil to produce more diesel, you also produce a lot more gasoline. So it’s a bit of a glut on the gasoline side and a small advantage for consumers.”
McTeague said this week’s drop was a “short-term gain” as he expects gas prices to rise by mid-October.
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