If you need to fill up on gas, hold off until tomorrow. That's because Ontario gas prices are about to drop to the lowest they've been since 2016. The drop is expected to happen tonight, putting Thursday's prices at a two-year record low.
According to Dan McTeague, a Canadian analyst with Gas Buddy, many southern Ontario stations can expect to see a drop of two cents overnight today. This will be the region's second major dip in gas prices this week.
McTeague specifically names Toronto, the GTA, London, Ottawa, Hamilton, Kitchener-Waterloo, Cambridge, Niagara, Barrie, and even Sudbury as places where the prices are expected to fall. He also predicted that by early evening on Thursday night some stations could be selling gas for less than 90 cents/litre.
McTeague further explains that with this expected price drop, these will be the lowest that the average Ontario gas prices have been since November 14th, 2016. While some individual stations have already had low prices like these, the average price has remained higher for a while. That puts these low prices at an over two-year record low.
This record-breaking drop also comes after Ontario's gas prices reached a three year high back in June, when the average price in the province was over $1.30/litre.
⛽️ Price 🚨 #Toronto #GTA #LdnOnt #Ottawa #Hamilton #Guelph #KW #Cambridge #Niagara #Barrie #Sudbury to 👀 another 2 cent DROP @ the ⛽️⛽️ for Thursday. At 101.9 cpl in GTA these are lowest prices since Nov 24, 2016
Many gas stations shed some or all of their retail margins that can be as much as 12 cents a litre. I expect that by tomorrow, early evening, some stations will be selling below 90 cents a litre. But don’t get used to it. This is probably as good as it gets https://t.co/zzulhd0qKg
McTeague broke the good news about the price drops on his Twitter page, where he also gives drivers regular tips on how to get the best gas prices.
Given his work at Gas Buddy, most of his tips recommend using the app to determine where the cheapest gas prices in your region are, but he has more general tips as well.
According to McTeague, the best time to buy gas is in the evening since gas stations reset prices, making them higher at midnight, and then gradually lowering them throughout the day. This means that with the upcoming price drop, the best time to get cheap gas will be Thursday in the evening, before midnight.
While the Canadian average is slightly higher than Ontario average right now, gas prices across the country have also been falling recently and for the past few months, they follow the same pattern as Ontario's averages.
To find the cheapest gas in your Ontario city, click here.