Ontario Gas Prices Are Set To Drop Tomorrow & The Savings Will Be Worth The Wait
Hold off until Saturday. ⛽
An Ontario gas pump
Ontario gas prices have been on an upwards trend for the past couple of days, but a cool-down in the energy markets this weekend could help drivers save some money.
According to gas analyst Dan McTeague, after a slight uptick Friday, pumps will drop by 3 cents on Saturday, bringing averages down to 155.9 cents per litre for cities including Toronto, Ottawa and Windsor.
\u201c\u26fd\ufe0f Price \ud83d\udea8: After rising 2 cents today, #GasPrices to FALL 3 cents/litre Saturday to 155.9 for #Toronto #GTA #Ottawa #Kitchener #Hamilton #LdnOnt #Windsor #Barrie #Niagara & most of S #Ont \n#Montreal sees same fall and will be 167.9 \nhttps://t.co/O1gQlGIrWw\u201d— Dan McTeague (@Dan McTeague) 1681467292
If predictions hold, the dip will have Peterborough, often the province's cheapest place to fuel up, at an average of 147.6 cents per litre by the top of the weekend.
However, the wave of decreases isn't set to bring relief to Cornwall, another typically affordable spot for gas in Ontario, which saw its prices soar up to 158.9 cents per litre on Friday.
The Canadian Automobile Association (CAA) has Ontario's average gas at 154.5 cents per litre as of April 14, which is also the highest price the province has seen in the past month. In March, the province's average gas price was 144.8 cents per litre.
Still, it's worth noting that the cost of fuel was an average of 164.3 cents per litre in the province last year, so motorists are paying a bit less for gas in the grand scheme of things this spring.
Although, drivers shouldn't get too excited, as McTeague warned Narcity back in January that the average price of gas in 2023 would be "far more painful" than it was in 2022.
Why are gas prices going up in Ontario?
McTeague points to several factors to the rising cost of gas in Ontario in 2023, including the poor handling of the market during the second half of 2022 and the federal government's commitment to raising "carbon taxes faster than the rate of inflation."
"I think the higher price will be here longer and won't peak in the drop. I think it'll move up slowly between now and June, measurably, you know, 10 cents a month until we hit probably about $2 a litre, but rather than dropping back to a buck sixty by September, October, it will stay in the 1.80, 1.90 range," he told Narcity.
This article's cover image was used for illustrative purposes only.
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