Gas prices in southern Ontario set to fall to lowest point in months

Gas prices are displayed in Carleton Place, Ontario on Tuesday, May 17, 2022. THE CANADIAN PRESS/Sean Kilpatrick

Gas prices in the GTA are set to drop by an average of 12 cents a litre by Friday morning, bringing the cost of fuel down to a nearly four-month low.

Dan McTeague, of Canadians for Affordable Energy, tells CP24 that the average cost of a litre of gas in the GTA will fall by six cents at midnight to 173.9 cents per litre.

But he says that drivers shouldn’t rush to fill up.

That is because he is forecasting another six cents per litre drop in price for Friday morning.

That would bring the average cost of a litre of fuel across the GTA to 167.9 cents per litre, which would be the lowest price since April 13.

“Drivers in Toronto, the GTA, Ottawa, London, Kitchener, Barrie, Windsor, Hamilton, Niagara, Kingston and Guelph will all benefit from the 12 cent total drop if they can hold off until Friday,” he told CP24.

Gas prices in the GTA reached a record 214.9 cents per litre in June but have now been on the decline for weeks amid a drop in demand and rising fears about a recession.

Prices, however, remain significantly higher than last August when the cost at the pumps topped out at around 140 cents per litre.