Ontario Gas Prices Are Plummeting This Week Because Of Coronavirus Panic
If you’re ready to fill up your tank, you might want to wait a few days. Ontario gas prices are expected to drop by mid-week and can fall as low as 87.9 cents a litre. According to gas price analyst Dan McTeague, these changes are to do with the global coronavirus scare.
By Wednesday, residents across the province can expect to see a dramatic drop in the price of gasoline. By the afternoon it is predicted that gas could fall by eight cents.
"At this stage it’s looking like an eight-cent drop for Wednesday to 94.9," McTeague revealed to Narcity in an email."Many deep discounters will be at 87.9 by Wednesday afternoon unless commodities markets turn around today. "
If you live in Toronto, McTeague predicts that you could be filling up your tanks at 93.9 cents a litre. However, while this may sound like great news for Ontario drivers who are looking to save some cash on their gas bill, McTeague warns that this drop might not be a good thing.
The gas analyst told Narcity that the abnormally low price of oil and gas is partly due to the global coronavirus scare, which is slowing down the economy. "The problem with celebrating low gas prices is that it comes at a cost," McTeague wrote.
Plummeting price of oil has gas prices falling. Average price:$1.029/litre but if you shop around can find better… https://t.co/NUQqGQgSJS— carl hanstke (@carl hanstke) 1583753759.0
"Less economic activity and a weaker currency which actually inflated prices for just about everything else since we price all commodities in Canada in U.S. terms."
Oil prices have fallen 20% so far, according to Newstalk 1010. This is supposedly "because of COVID-19 and a disagreement between Russia and other oil producing countries about how to address falling demand," Newstalk 1010 reports.
At this rate the top price on Wednesday morning, March 11 will be 93.9 cents a litre n the #GTA #Toronto #Hamilton… https://t.co/nnxmYCG090— Dan McTeague (@Dan McTeague) 1583723678.0
However, this isn't the first time that gas prices have gone down in Canada this month.
Back in January, prices fell to 111.9 cents a litre, which was the cheapest gas had been since the spring prior.
However, it looks like the prices for this week will be dropping even lower.