Cost of fuel across most of Ontario expected to see another dip, but not for long, says analyst

A motorist reaches for the pump at a gas station in Toronto (Patrick Dell/The Canadian Press)

Most drivers in Ontario will be seeing some further relief at the pump Friday as the cost of gas is set to drop another three cents at midnight.

According gas price analyst Dan McTeague, gasoline will be going down to 176.9 tomorrow in the GTA, including Toronto, as well as Hamilton, Kitchener, Ottawa, Barrie, London, Windsor, Niagara and most of southern Ontario.

“These are the lowest process since April 15,” said McTeague, the president of Canadians for Affordable Energy.

But, this less expensive rate won’t be around for long as gas is expected to go up again by at least seven cents a litre on Saturday to 183.9, he noted.

McTeague said Ontarians will likely see the cost of fuel rise in the near future.

“What’s happening, I think, around the world is that these lower prices, temporary as they may be, they actually encourage more demand and that’s going to leave us with an even tighter supply going into the remainder of the summer,” he said.

“Demand has not been hit hard. People have chosen to forego other purchases. They do need fuel to go from Point A to Point B, so I think part of this is probably the sweet spot for the next week or so. After that, look out, I think we’re marching back to two dollars a litre.”