GTA gas prices see significant overnight drop
Posted November 15, 2022 10:30 am.
Last Updated November 16, 2022 1:47 pm.
GTA drivers may be waking up to the dreaded first snowfall of the winter driving season on Wednesday, but they will also find some relief at the gas station.
The price for a litre of regular fell seven cents at midnight to an average of $1.589/litre at most GTA stations.
The price of oil has come down so far this week, and the wholesale price of gasoline has dropped by 4 per cent over the past couple of days to $2.51/gallon. Also contributing to the falling price of gas, the Canadian dollar has gone up by two cents against the US dollar.
The last time the price was below the $1.60 mark in southern Ontario was on Oct. 20. Gas prices in the GTA peaked at a record $2.149/litre in June before falling to below $1.44/litre in September.
Ontario Premier Doug Ford recently said his government will table legislation that would leave the tax break that cut gas prices by 5.7 cents a litre in place until the end of 2023. The cut first went into effect on July 1 and was originally due to expire on Dec. 31.
Ford cited inflation and global economic uncertainty as reasons behind the extension, which will also maintain a 5.3-cents-per-litre reduction in the price of diesel fuel.
The province’s rate of tax on gas and diesel will remain at 9 cents per litre until the end of 2023.
With files from Mike Eppel
