Ontario gas prices headed for drastic dip on Friday, to jump back up Saturday

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    Provincewide gas prices are expected to drop significantly in the next 48 hours, providing some much-needed relief for those travelling on the roads this long weekend.

    By Lucas Casaletto

    Provincewide gas prices are expected to drop significantly in the next 48 hours, providing some much-needed relief for those travelling on the roads this long weekend.

    The price of gas dropped three cents on Thursday morning and Roger McKnight, Chief Petroleum Analyst with En-Pro International Inc., says it will fall another 10 cents by Friday at most stations.

    Friday’s drop will see gas prices fall below $2 a litre ($1.969) for the first time in a week. The comfort will be short-lived with the price of gas set to rise 4 cents on Saturday.

    The fuel cost has risen steadily in recent days, increasing from 193.9 cents/litre on May 12 to 209.9 cents/litre recorded on May 18. April’s monthly high was 188.9 compared to 190.9 in March.


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    Statistics Canada says the annual inflation rate edged up to 6.8 per cent in April —  the highest since January 1991.

    The agency says the rate increased from 6.7 per cent in March as costs at food stores jumped 9.7 per cent from a year earlier, and gas prices were up 36.3 per cent.

    In April, the Ford government announced legislation to temporarily reduce gas and fuel taxes in Ontario.

    The provincial Liberals say they would offer rebates of up to $8,000 for electric vehicles up to retail prices of $65,000 while also incentivizing people to take public transit by slashing all transit fares across the province to $1 per ride until January 2024.

    Federal NDP Leader Jagmeet Singh wants Prime Minister Justin Trudeau to fund the benefit increases by redirecting a $2.6-billion tax credit promised in the recent budget to help companies build carbon capture and storage systems.

    Most of that would likely go to oil and gas companies, and the NDP says it is a massive subsidy to companies making record profits because of the same soaring gas prices harming Canadian families.


    CityNews 680 is giving away $680 in free gas every week in May. Listen for the free gas giveaway code words between 9-10 a.m., 12-1 p.m., 5-6 p.m., and 9-10 p.m. Listen to win and make it a little easier to fill your tank this month.

    With files from The Canadian Press

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