Good news, Ontario drivers! If you're thinking about filling your tank up with gas any time soon, you'd be doing your wallet a favour by waiting it out until the end of the week. Ontario gas prices throughout the province are going down today by 2 cents per litre today, according to industry expert Dan McTeague from Gas Buddy. McTeague also reported that prices are expected to drop again by 1 cent per litre tomorrow to 116.9 cents per litre in the Greater Toronto Area.
McTeague also told Narcity that Ontarians can look forward to gas prices dropping even lower in the near future. He reported that prices for petrol haven't been this low since mid-March before Ontarians saw a gradual rise in the price at the pump when the federal government's new carbon tax of 4.42 cents per litre, plus HST, came into effect.
However, don't expect the relief at the pumps to last all summer. Ontario's gas prices are expected to go up again over the course of the next few months, though they won't be record-breaking. According to McTeague, that's because gas prices have actually been dropping to offset the cost to consumers of the federal carbon tax.
McTeague explained to Global News, "A trade war between the United States and China the number one and two global economies — many believe that they could have an effect on driving prices down as it would drive demand to a much lower level."
Even though gas prices in Ontario have been steadily climbing, we really can't complain. In comparison to British Columbia's gas prices, the price at the pump in Ontario is relatively cheap. The average price of gas in B.C. is 145.4 cents per litre, a dramatic 28.7 cent per litre difference between the price of gas in Alberta, the province in which fuel is the cheapest in Canada.
Beginning April 1st, BC's long-standing carbon tax increased to double the federal carbon tax introduced in Ontario, Manitoba, Saskatchewan, and New Brunswick ($40 a ton), which added an additional 1.2 cents per litre, according to McTeague. Previously, these provinces did not have any form of carbon tax in place.