GTA gas prices to drop 2 cents overnight
Posted May 24, 2012 10:16 am.
This article is more than 5 years old.
Gas prices are expected to drop two cents at midnight Thursday to an average price of 127.8 cents a litre at most GTA stations, according to energy consultancy En-Pro.
Just before Victoria Day, experts said the price of gas will remain stable throughout the summer, or even drop a bit.
“I’d say $1.24 would be a fair price for the balance of summer,” En-Pro’s Roger McKnight said last week.
Among the reasons for the stability during a season when prices normally climb is the financial chaos in Europe. It’s causing money to flow into U.S. dollars, which in turn increases the value of the greenback, thus holding the price of crude oil down.
McKnight also pointed to the U.S. presidential election this fall as another reason.
Oil prices are down about 15 per cent since the beginning of May.
