Ontario Gas Prices Are Set To Go Way Down Tomorrow & These Spots Will Finally Be Cheap Again
It'll be at its lowest since October 4.
A gas station pump. Right: Gas nozzles.
After nearly a week of standstills, Ontario gas prices are finally set to drop on Wednesday. So, those who can hold off on fuelling up until hump day are in for some serious savings.
According to gas analyst Dan McTeague, pumps should fall by 7 cents a litre on Wednesday, November 16, 2022, bringing totals down to 158.9 for most areas, including Toronto, Niagara, Ottawa, Windsor, and London.
\u201cMake that a 7 cent drop to 158.9\u201d— Dan McTeague (@Dan McTeague) 1668522376
McTeague initially predicted on Tuesday morning that gas would fall by 5 cents but later confirmed with Narcity that pumps would be dropping by an additional two cents, leaving rates at their lowest since October 4, 2022.
According to McTeague, most southern Ontario drivers have been stuck paying around 165.9 cents per litre since November 11, 2022, with Toronto and the Niagara region offering 168.9 cents per litre before that.
According to the latest Gas Wizard predictions, Peterborough, currently averaged at 160.2 cents by CAA National, will remain the cheapest spot for gas in Ontario, despite only being slated to drop by a few cents. If predictions hold, the city's gas stations should offer its motorists 156.9 cents per litre by midweek.
On the flip side, the province's most expensive place for gas, Thunder Bay, 168.9, isn't expected to record any change.
It's worth noting that both places' totals could change at some point on Tuesday, in accordance with McTeague's update. Therefore, residents will want to check for updates throughout the day.
Why are gas prices so high in Ontario right now?
McTeague told Narcity in October that gas prices were up due to a "tightness in supply," which he argues has been "overlooked these past few month by overdone concern of a major slowdown."
"Ignoring this supply crunch by trashing energy prices that financial traders caused has boy made the crisis more acute," he added.
On the bright side, the Ontario government announced on Sunday that it would be extending its reduction of gas and fuel taxes until December 31, 2023.
So drivers don't have to worry about being hit during the cold season.
This article's cover image was used for illustrative purposes only.
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