GTA gas prices hit 7-month low after big drop on Thursday
Posted August 31, 2022 9:16 am.
Last Updated September 2, 2022 7:04 am.
The latest gas prices in Toronto & the GTA can be found here.
Toronto drivers woke up to some relief on Thursday after a big drop at the pumps left the price at a seven-month low.
The price of gas fell seven cents to 151.9 cents per litre at most GTA stations. It marks the lowest price in the region since late January.
Gas fell another two cents on Friday, dipping to 149.9 cents per litre.
Many experts suggest the recent reprieve in soaring prices will be short-lived, with the cost expected to rise significantly when September arrives.
Past month Toronto & GTA gas prices
Roger McKnight, Chief Petroleum Analyst at En-Pro International told CityNews last week the return to higher prices is coming, but he doesn’t expect a surge until after Labour Day.
“What happens in the fall? Diesel prices determine gasoline prices. If diesel prices go up, it drags up gasoline in a slipstream effect,” he said. “Grab this while you can because I don’t think it’s going to last.”
Wholesale gasoline prices were down another 7.5 cents on Thursday morning which could bring another drop in the price in the coming days, before the expected increases comes in September.
Gas prices in the GTA are down 60 cents from when they peaked at a record $2.149 per litre in June in the GTA. Prices were as high as $1.749/litre at the start of August.
