It will be even cheaper to fill up at the pump come mid-week, as the COVID-19 pandemic continues across the province. Ontario gas prices have been steadily falling and the drop is not slowing just yet. Gas price analyst Dan McTeague predicts that we will see a 7 cent drop in prices by Wednesday, making gas around 77.9 cents a litre.
This drop will put Ontario gas prices the lowest we have seen in over a decade. "We haven’t seen these prices since February 10, 2009, and that was during the global economic crisis," McTeague revealed to Narcity in an email. As people have stopped mobilizing and have been asked to stay home, the demand for gas is getting lower every day. "While there is a good chance energy markets might halt their slide today, the outlook is bleak as the slowdown in use, reflecting the advisories to avoid social interaction, intensifies," McTeague informed us. So while prices will be below 78 cents a litre by Wednesday, they will be falling even lower because of the pandemic, McTeague predicts. "The sharp drop in demand could see pump prices crater below 70 cents a litre within the week," he revealed to Narcity.
McTeague reveals that all of Ontario will see a drop in prices over the next week. According to Statistics Canada, the last time gas prices were that low on average in Toronto was back in 2003.
Remember - my predictions are wholesale (net) prices only. Many gas stations will also shed their retail margins wh… https://t.co/XVI7JlNBMz— Dan McTeague (@Dan McTeague)1584452109.0
Last week, McTeague stated that the drop in gas prices aren't something to be celebrated.
"The problem with celebrating lower gas prices is that it comes at a cost. Less economic activity and a weaker currency which actually inflated prices for just about everything else since we price all commodities in Canada in US terms," he states.
While gas prices are definitely sinking, the price of other commodities, such as N95 masks, has gone up across the country.