Toronto, GTA gas prices drop to lowest point since March
Posted August 29, 2024 10:31 am.
Last Updated August 30, 2024 9:28 am.
It’s time to get out there and fill up your gas tanks for the Labour Day long weekend, as prices in Toronto and the Greater Toronto Area (GTA) have dropped to their lowest since the winter.
Roger McKnight, Chief Petroleum Analyst with En-Pro International Inc., said gas prices at local stations were expected to drop 2 cents to 153.9 cents/litre at midnight on Friday.
That would mark the lowest price in Toronto and the GTA since March when it dipped to a monthly low of 147.9 cents/litre. The price of gas has hovered over 160.1 cents/litre for much of August, having only dropped below that threshold last week.
McKnight expects the gas price to rise 2 cents on Saturday to 155.9 cents/litre at most stations.
The recent, albeit temporary, drop followed a tumultuous month of July in terms of costlier-than-usual gas prices, with the high coming in at 170.9 cents/litre and a low of 164.9 cents/litre at most stations. It was much the same in June, though drivers did feel a bit of relief that month as prices dipped to a monthly low of 157.9 cents/litre.
In April, the federal carbon price, also called the carbon tax, increased by $15 per tonne, bringing the total cost to $80 per tonne. That saw the gasoline carbon tax increase by 3.3 cents per litre, while diesel increased by 4.1 cents per litre.
The Ford government announced on March 25 that it would extend the gas tax cut until the end of the year.
GTA gas prices are updated daily here.
