Gas prices seeing 'unprecedented' decline with another drop coming this weekend in southern Ontario
Gas prices in southern Ontario are set to drop again this weekend, continuing a series of decreases at the pumps that one industry analyst says has “never been seen before.”
Dan McTeague, president of Canadians for Affordable Energy, says the current rate of decline is “unprecedented.”
“I have never seen a period of 72 hours when gas prices drop 20 cents a litre,” he told CTV News Toronto Friday morning.
Over the past two days, the cost of fuel has dropped 12 cents per litre, bringing it down to 167.9 cents per litre – a price the province hasn’t seen since April 13.
But on Saturday, that four-month low is set to see a new record, according to McTeague. He expects a further 8 cents decrease to 159.9 per litre.
“These are pretty significant decreases on an unprecedented scale,” he said.
McTeague anticipates this trend will push through the rest of the weekend.
“We’re expecting a 2 cent decrease on Sunday,” he said.
While cheaper fuel is good news for drivers after record highs at the pumps in June, McTeague said “what goes up, must come down.”
“Prices could snap back very violently and quickly,” he said.
“The reality is these prices, while welcome, could have a nasty surprise for all of us in store.”
CTVNews.ca Top Stories
RCMP uncovers alleged plot by 2 Montreal men to illegally sell drones, equipment to Libya
The RCMP says it has uncovered a plot by two men in Montreal to sell Chinese drones and military equipment to Libya illegally.
Demonstrators kicked out of Ontario legislature for disruption after failed keffiyeh vote
A group of demonstrators were kicked out of the legislature after a second NDP motion calling for unanimous consent to reverse a ban on the keffiyeh failed to pass.
Tom Mulcair: Park littered with trash after 'pilot project' is perfect symbol of Trudeau governance
Former NDP leader Tom Mulcair says that what's happening now in a trash-littered federal park in Quebec is a perfect metaphor for how the Trudeau government runs things.
Government agrees to US$138.7M settlement over FBI's botching of Larry Nassar assault allegations
The U.S. Justice Department announced a US$138.7 million settlement Tuesday with more than 100 people who accused the FBI of grossly mishandling allegations of sexual assault against Larry Nassar in 2015 and 2016, a critical time gap that allowed the sports doctor to continue to prey on victims before his arrest.
Man wanted in connection with deadly shooting in Toronto tops list of most wanted fugitives in Canada
A 35-year-old man wanted in connection with the murder of Toronto resident 29-year-old Sharmar Powell-Flowers nine months ago has topped the list of the BOLO program’s 25 most wanted fugitives across Canada, police announced Tuesday.
Doctors ask Liberal government to reconsider capital gains tax change
The Canadian Medical Association is asking the federal government to reconsider its proposed changes to capital gains taxation, arguing it will affect doctors' retirement savings.
Keeping these exotic pets is 'cruel' and 'dangerous,' Canadian animal advocates say
Canadian pet owners are finding companionship beyond dogs and cats. Tigers, alligators, scorpions and tarantulas are among some of the exotic pets they are keeping in private homes, which pose risks to public safety and animal welfare, advocates say.
Thieves use stolen forklift to rip cash machine out of U.K. bank
Police in the U.K. are searching for a group of suspects seen on video using a forklift to steal a cash machine from a bank.
'There was a lot of black smoke': Crane operator sounds alarm while trapped during highrise fire in Halifax
A tower crane operator alerted emergency crews after noticing a fire on a construction site in Halifax Tuesday morning.