Gas prices in Ontario continue to drop, down 6 cents by Saturday

Just in time for the weekend, relief at the pumps, with prices dropping to under $1.70/litre at midnight. Shauna Hunt with what’s driving the decrease and how long it will last.

By Lucas Casaletto

Gas prices across the province are becoming increasingly easier to manage, with another worthy drop just in time for the weekend.

Roger McKnight, Chief Petroleum Analyst at En-Pro, tells CityNews the price at the pumps should drop 6 cents at midnight to 168.9 cent(s)/litre at most Toronto and GTA gas stations.

Friday’s decline lowered gas prices not seen in the province since April. This is good news for motorists as June’s monthly average topped at 200.9 cent(s)/litre.

One year ago, on this date, Ontario gas prices were 131.0 cent(s)/litre.

Gas prices in the GTA peaked at 214.9 cents/litre in June, and the lowest price this year was in February, costing drivers 161.9 cents/litre at most stations.

Canada’s annual consumer price index climbed to 8.1 per cent in June, the highest yearly rate in nearly four decades.

Gas prices continue to push inflation higher but have declined considerably, and economists expect that to be reflected in next month’s inflation.

Soaring prices in Canada have sparked comparisons between today’s challenges and the high inflation of the 1970s and ’80s, economists say a significant difference is the Bank of Canada’s role in combating inflation.

Canada suffered through years of high inflation after global events in the 1970s caused a surge in food and energy prices.

With files from The Canadian Press

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