Gas prices to drop four cents in Ontario, could dip below $1 per litre in the GTA, analyst says

Drivers in Ontario cities could be in for a pleasant surprise at the pumps on Thursday, according to one expert.

Dan McTeague, senior petroleum analyst for Gasbuddy.com, said gas prices are expected to fall by nearly four cents per litre across the province.

“It’s a net decrease of four cents, so whatever you’re paying today, at anytime today, will be four cents less tomorrow,” he told Global News Radio 640 Toronto host Kelly Cutrara on Wednesday.

He said that in the Toronto area, the price of gasoline could drop below a dollar per litre at some stations.

“My best advice … would be to have everybody gas up after 6 p.m. tomorrow night. That way you’ll be seeing prices moving a lot closer to a dollar a litre, something we haven’t seen in a very long time,” he said.

McTeague said that the drop reflects broader forces in the petroleum markets this week, and other parts of Canada will see similar declines in gas prices.

“We had a cataclysmic fail in the energy markets yesterday where oil dropped almost four and a half bucks a barrel and of course, usually we see prices reflected in terms of gasoline, which dropped almost 10 cents a gallon,” he said.

 

Source: Read Full Article