Gas prices to drop to five-month low at midnight as freefall continues
Posted August 4, 2022 9:02 am.
Last Updated August 5, 2022 3:17 pm.
Gas prices in Toronto fell to the lowest in nearly four months on Friday, and even more relief for drivers is coming at midnight.
Roger McKnight, Chief Petroleum Analyst at En-Pro International, tells CityNews the price will come down another eight cents on Saturday to 159.9 cents/litre.
The average price has already fallen 12 cents in the last two days to the cheapest price Torontonians have been paying since early April. The further drop will bring prices to the lowest since late February.
Gas prices in the GTA peaked at 214.9 cents/litre in June.
GTA gas prices
The freefall in the price at the pumps can be attributed to the tumbling price of oil which is down to a six-month low on Friday, coming after OPEC increased production this week.
OPEC and its allies said they will increase output to 100,000 barrels a day next month after raising it by 648,000 barrels per day in July and August. It comes after U.S. President Joe Biden visited Saudi Arabia last month, aiming to improve relations and encourage more oil production from the cartel to draw down high prices at the pump.
Crude oil prices fell Friday to $88 per barrel, down from more than $120 per barrel in early June.
With files from The Associated Press
