Southern Ontario gas prices set to take another drop before long weekend
Gas prices in the southern Ontario are expected to drop another two cents tomorrow ahead of the long weekend.
On Friday, prices at the pumps are slated to fall to $149.9 cents per litre across most of southern Ontario, according to President of Canadians for Affordable Energy Dan McTeague.
“If markets continue being as pessimistic, say almost as dysfunctional, as they are now, we could see $1.46, $1.47 for Sunday,” he told CP24 Thursday morning.
McTeague later said gas prices will see another drop on Saturday to $147.9 cents per litre.
- Download our app to get local alerts to your device
- Get the latest local updates right to your inbox
Gas prices dropped seven cents overnight on Thursday to $151.9 cents per litre, the lowest since mid-January.
McTeague added that today’s prices are a notable drop from where they stood over two months ago.
“Wow, 66 cents down since you and I spoke back on June the 11th. So that's a $40 savings for consumers when they fill up 60, 70 litres so I'm a happy camper this morning,” McTeague said.
A man fills his vehicle with gas during the COVID-19 pandemic in Toronto on Friday, October 8, 2021. THE CANADIAN PRESS/Nathan Denette
However, McTeague says the downward trend in prices likely won’t last long and will rise again in the coming weeks due to a variety of factors, including oil and gas supply concerns and rising interest rates.
“... the markets are completely in a bit of a funk. I don't think they know where to go. So they've decided to shut their positions. It's going to cause a rather dramatic, and as I said earlier, a very violent response in terms of much higher prices (which) is going to cause a lot of whiplash over the next several weeks,” he said.
Since late February, gas prices have been elevated partly due to fuel supply shortages amid Russia’s invasion of Ukraine.
CTVNews.ca Top Stories
![](https://www.ctvnews.ca/polopoly_fs/1.6976926.1721883767!/httpImage/image.png_gen/derivatives/landscape_800/image.png)
AS IT HAPPENED Wildfire reaches Jasper Wednesday night, causes 'significant loss'
One of two wildfires threatening Jasper National Park reached the townsite Wednesday night and caused 'significant loss.'
Alberta calls in army to assist with wildfire situation
Alberta has called in the Canadian Armed Forces to help assist with the worsening wildfire situation in the province.
Biden explains why he ended re-election bid in Oval Office address
U.S. President Joe Biden on Wednesday delivered a solemn call to voters to defend the country's democracy as he laid out in an Oval Office address his decision to drop his bid for reelection and throw his support behind Vice President Kamala Harris.
Barrie-Innisfil MPP 'blacked-out' and crashed car into window of child care centre
Staff at a Barrie child care centre say they are frustrated by what they call a local MPP's inadequate response after a car crashed through a window in one of the toddler rooms.
Norad intercepts Russian and Chinese bombers operating together near Alaska in apparent first
The North American Aerospace Defence Command (Norad) intercepted two Russian and two Chinese bombers flying near Alaska Wednesday in what appears to be the first time the two countries have been intercepted while operating together.
2 Canadians being 'sent home immediately,' removed from Olympic team after drone incident
An analyst and an assistant coach with Canada Soccer are being removed from the Canadian Olympic Team and 'sent home immediately,' according to the Canadian Olympic Committee.
An unwelcome attendee has joined the Paris Olympic Games: COVID-19
After a handful of Australian water polo players tested positive for COVID-19 this week, questions have emerged around how the spread of the disease will be mitigated at the Summer Olympic Games in Paris.
Vacations, meals, booze: Contractor used $100K of charity's money for personal expenses, B.C. court finds
A B.C. man who was hired to help a non-profit build a food hub but instead spent the money on personal expenses – including travel, restaurants, booze and cannabis – has been ordered to pay more than $120,000 in damages.
Male, female killed, 2 others injured in 'gun battle' outside Toronto plaza: police
Two people are dead and two others suffered serious injuries following a shooting that police have described as a 'gun battle' outside a plaza in Scarborough, Ont. early Wednesday morning.