Gas Prices Slide To Less Than 80 Cents A Litre For First Time Since 2005
Posted November 19, 2008 12:00 pm.
This article is more than 5 years old.
Remember when you were paying more than a dollar a litre to gas up your car?
Seems like ancient history given the last few weeks of sliding prices, and on Wednesday morning the cost of a fill-up dropped to its lowest level in three years: 79.3 cents a litre on average at GTA gas bars.
The last time prices were less than 80 cents a litre was in March of 2005 – when drivers were shelling out 79.2 cents a litre to keep their vehicles topped up.
It was a sight for sore eyes to drivers.
“I drive for almost 16 years,” some one relieved motorist. “I can feel it every day. (It’s a) big difference for me. Big difference. Very good price. I hope they’re going to keep it.”
“I came from an office job where the company paid for it so I didn’t look at it before but now that I pay for my own gas I check it every day,” another adds.
Gas watchdog and Liberal MP Dan McTeague had advised motorists that this latest drop was going to happen, telling them not to fill up their tanks until after midnight.
And those who heeded his advice and procrastinated will get a bonus. The federal MP is calling for another penny drop on Thursday, with prices at 78.3 cents for regular.
Crude oil prices slipped even further on Wednesday, dropping below $54 a barrel in the midst of a global economic slowdown. The shaky state of international markets has sent once robust gas prices tumbling in recent months – they’ve dropped by more than 60 percent since July.
Analysts suggest however that prices may finally be bottoming out as they move closer to the $50 a barrel mark. Some predict the cost will rise again to about $60 a barrel in a week or two.
