Gas prices in the GTA set to drop to lowest level since January
Posted November 29, 2022 9:05 am.
Last Updated November 29, 2022 5:49 pm.
If you can hold off until tomorrow morning to fill up your gas tank, you will be able to save a few dollars at the pumps, as the price for gas in the GTA is set to drop to the lowest since January.
Roger McKnight, Chief Petroleum Analyst at En-Pro International, told CityNews that the price of gas is expected to fall by four cents on Wednesday to $1.429/litre at most GTA stations.
Last Friday, the price for gas was $1.529/litre before dropping six cents over the weekend to $1.469/litre. With the latest drop expected on Wednesday, gas prices will have fallen by 11 cents in a week.
Back in January, gas prices in the GTA dropped to $1.409/litre. It then peaked at a record $2.149/litre in June before falling to below $1.44/litre in September.
The drop at the pumps coincides with falling oil prices. This time Monday morning, the price for oil was down to its lowest level in around a year to below US$74 a barrel.
The lower price at the pumps may not last, as OPEC is already talking about cutting production by two million barrels a day to stabilize the energy market.
The latest changes to GTA gas prices are updated daily here.
