Loading articles...

Gas prices dropping 5 cents to approx. $1.24/litre

Last Updated Sep 18, 2018 at 8:19 am EDT

A gas pump is shown at a filling station in Montreal on April 12, 2017. THE CANADIAN PRESS/Graham Hughes

The price of gas is said to be going down five cents overnight Tuesday to an average price of $1.24 per litre at most GTA gas stations, according to both gas price expert Roger McKnight and petroleum analyst Dan McTeague.

The reason for the drop is reported to be the shift to the cheaper winter gas and the province scrapping the cap and trade tax.

Canada has two seasons for gas, McTeague explains. Summer is April 15 to September 15 and winter is the time in between.

Last week, refiners stopped charging 4.6 cents per litre for the cap and trade tax (with HST) and that dropped the price of diesel 6.7 cents a litre, McTeague added.