Ontario gas prices about to take massive drop. Here's the best time to fill up

Ontario gas prices are set to drop 10 cents per litre on Friday offering motorists big relief at the pumps ahead of the long weekend.

Average gas prices hit $209.9 per litre on Wednesday in southern Ontario, marking a new record high and a whopping 12-cent rise since last Friday.

However, prices dropped three cents to 206.9 per litre as of Thursday morning, and will fall another 10 cents to 196.9 per litre by Friday.

President of Canadians for Affordable Energy Dan McTeague said the drop in prices is being driven by the unease of global markets over a potential recession.

• UPDATE: Gas prices are about to go back up in Ontario. Here's when

Prices at the pumps have been elevated since late February due to fuel supply shortages amid Russia's invasion of Ukraine and the international sanctions that have been imposed as a result of the war.

Natural Resources Canada said the average price for regular gasoline in Canada hit $2.06 per litre on Monday, with the most expensive price in Vancouver at $2.34 a litre.

On Wednesday, Statistics Canada reported that the annual inflation rate rose 6.8 per cent year-over year in April. The national agency added that Canadian drivers paid 36.3 per cent more for gas in April compared to a year ago.

-With files from The Canadian Press