Hey, 401 drivers! Ontario gas prices just dropped at your local station, so you can hold off on selling your car for scrap metal for a bit longer. Heck, you might even be able to squeeze in one last cottage trip.
According to Gas Wizard, gas prices in Ontario dropped 2 cents per litre on Wednesday, August 23, 2023, bringing totals in areas such as Toronto, Ottawa, and Windsor to 167.9 cents per litre.
Analyst Dan McTeague told Narcity that the decrease can be attributed to a downward trend in the energy markets, as confusing as that might be for some.
“Energy markets are irrational and dysfunctional. On a domestic note, it doesn’t help that the Loonie is weakening. That’s putting a brake on pump prices falling further,” McTeague explained.
Confused yet? Let's break his quote down a bit:
Crude oil, which is what we use to make gasoline, has its price set in U.S. dollars. When our Canadian dollar isn't doing so hot against the U.S. one, it means we're paying more in CAD for the same amount of oil. And even though Canada's a big player in oil production, our prices still get influenced by what's happening in global markets. It's all connected.
McTeague had previously warned Narcity that the province could see the cost of fuel reach $1.80 per litre by mid-September. However, recent fluctuations have likely altered the timeline of this event, if it happens at all.
As for where the cheapest place to fuel up currently is?
The City of Cornwall, usually one of the province's most affordable spots for gas, didn't see its pumps drop by a single cent on Wednesday. Despite that, its average pump price remains the cheapest in the province at a modest 163.9 cents per litre.
Other notable spots for savings include Peterborough (163.9) and Oshawa (165.9), both of which saw their prices drop.
According to the Canadian Automobile Association (CAA), Ontario’s average gas price is at 167.3 cents per litre. So, residents of Cornwall and Peterborough definitely have a chance of snagging up a real deal today.
This article's cover image was used for illustrative purposes only.
