Toronto, GTA gas prices to drop Sunday and will hold until midweek
Posted November 4, 2023 9:45 am.
Last Updated November 4, 2023 9:47 am.
It will be a good few days for Toronto and GTA drivers when it comes to gas prices.
Roger McKnight, Chief Petroleum Analyst with En-Pro International Inc., says the price of gas will drop three cents at midnight on Sunday, from 151.9 cents to 148.9 cents per litre at most Toronto and GTA locations.
McKnight adds that this price will hold for Monday, November 6 and Tuesday, November 7.
It will be the lowest price since it dipped to 147.9 cents in October. Before that, though, the last time the gas price was that low was in May 2023 (147.9 cents per litre) and will match the lowest price of April 2023.
The cheapest price was in March 2023, when it dipped to 139.9 cents a litre at most gas stations.
Factors that can influence the pump price include:
- Seasonal changes
- Weather conditions
- Increased demand
- Geopolitical conflict
- Status of oil and gas reserves
- Refining capacity
- Value of the US dollar
The December crude contract was down US$1.95 at US$80.51 per barrel, and the December natural gas contract was up four cents at US$3.52 per MMBtu.
