Gas prices hit 5-month low ahead of Thanksgiving weekend
Posted October 5, 2023 11:37 am.
Last Updated October 6, 2023 10:16 am.
Drivers in the GTA are waking up to cheaper gas on Friday morning as the price at the pumps to fall to their lowest level since May.
The average price at most GTA stations fell six cents on Friday to an average price of 149.9 cents/litre at most GTA stations.
HAPPY THANKSGIVING everyone. Gas prices continue to fall, which makes us all happy… but how long will it last?
GAS TO GO DOWN tomorrow… Friday, October 6
BY 6 cents
GTA, KW, Ottawa 1.499@enpro_energy @citynews680 @RichardCityNews #gasprices #Thanksgiving— Roger McKnight (@RogerMcKnight) October 5, 2023
Roger McKnight, Chief Petroleum Analyst at En-Pro International, tells CityNews that the price of gas is expected to drop another cent on Saturday to 148.9 cents/litre.
The price drop comes ahead of the Thanksgiving long weekend, as drivers head to family gatherings, hit the road to see the fall foliage, travel to the cottage a final time before closing it up for the winter, or just drive around town to local events.
Back in September, the average price at the pumps hit a high of 173.9 cents/litre. At the time, the price of oil was US$100 a barrel and gas prices were going consistently higher.
A few days later, a day after the latest inflation report from Statistics Canada suggested rising costs for nearly everything, GTA drivers got a pleasant surprise as prices fell eight cents to 162.9 cents/litre — the lowest in the region since July.
The price of gas has been sitting at 155.9 cents/litre since October 1.
The average highs and lows for gas prices in the GTA so far in 2023.
Since the September high, oil prices have been dropping substantially and wholesale gas prices are back to the lowest level since December 2022.
Prices eased on Wednesday with the benchmark U.S. crude tumbling 5.6 per cent to $84.22 per barrel. It’s been pulling back since topping $93 last week. Brent crude, the international standard, lost 5.1 per cent to $86.26.
The changeover from summer to fall is also likely taking away some of the price pressures, as the more expensive alkylate additive is used in the summer versus the cheaper butane that is used in the winter.
The latest gas prices for Toronto and the GTA can be found here.
With files from CityNews’ Michael Ranger; The Associated Press
