Ontario gas prices about to take massive drop. This is when that will happen
Ontario gas prices are about to take a huge drop and one expert says it will be "well worth waiting" if drivers can hold off on filling up.
"Finally some good news," President of Canadians for Affordable Energy Dan McTeague told CTV News Toronto on Friday.
McTeague said gas prices will drop 11 cents per litre on Friday morning, partly due to Ontario cutting the provincial gas tax.
"Of the 11-cent drop, 6.5 cents is because of the provincial government dropping in the gas tax, and 4.5 cents is because of the markets," McTeague said.
- Download our app to get local alerts to your device
- Get the latest local updates right to your inbox
He said the average gas price in Ontario on Friday will be $1.93 cents per litre, which is the lowest it has been since May 12.
"If that isn’t enough for people, I’m now looking at things dropping even further," McTeague said.
McTeague said on Saturday, gas prices will likely drop another six cents per litre.
That would bring gas prices to $1.879 cents per litre on average, marking the lowest price since April 30.
"Anyone who is reading this, I am telling you, don’t visit a gas station if you don’t have to," McTeague said. "You don’t see these big decreases often. It’s well worth waiting."
McTeauge said this will be a "short-term reprieve" for motorists, and that prices will likely rise back above $2.10 by mid-July.
"I don't think this is going to hold," he said. "So take advantage of it."
CTVNews.ca Top Stories
NEW Toxic forever chemicals in drinking water: Is Canada doing enough?
As the United States sets its first national limits on toxic forever chemicals in drinking water, researchers say Canada is lagging when it comes to regulations.
Why drivers in Eastern Canada could see big gas price spikes, and other Canadians won't
Drivers in Eastern Canada face a big increase in gas prices because of various factors, especially the higher cost of the summer blend, industry analysts say.
How to avoid the trap of becoming 'house poor'
The journey to home ownership can be exciting, but personal finance columnist Christopher Liew warns about the trappings of becoming 'house poor' -- where an overwhelming portion of your income is devoured by housing costs. Liew offers some practical strategies to maintain better financial health while owning a home.
'A living nightmare': Winnipeg woman sentenced following campaign of harassment against man after online date
A Winnipeg woman was sentenced to house arrest after a single date with a man she met online culminated in her harassing him for years, and spurred false allegations which resulted in the innocent man being arrested three times.
Arrest made, manslaughter charge pending in 2022 death of Calgary toddler
Calgary police have arrested a man and a charge is pending in connection with the death of a toddler in 2022.
When new leaders took over in ancient Maya, they didn't just bury the former royals. They burned their bodies in public
New archeological investigations in Guatemala reveal that the ancient Maya people had a ritual of burning royal human remains as a public display of political regime change.
Where did the gold go? Crime expert weighs in on unfolding Pearson airport heist investigation
Almost 7,000 bars of pure gold were stolen from Pearson International Airport exactly one year ago during an elaborate heist, but so far only a tiny fraction of that stolen loot has been found.
Some customers steaming after McDonald's ends free hot drink sticker program
It took years for Vinnie Deluca to collect more than 400 cards worth of free McDonald's McCafe coffee, a collection that now has "zero value" after the company discontinued the program.
Prince William returns to public duties after wife Kate's cancer revelation
Prince William will return to public duties on Thursday for the first time since his wife Kate revealed she was undergoing preventative chemotherapy for cancer.