Gas prices may drop 6 cents Friday in southern Ontario, perhaps even further: analyst
Global News
The price of gas on Friday is expected to dip to $1.499 per litre across most of southern Ontario, including the Greater Toronto Area.
Gas prices are expected to drop six cents a litre across most of Ontario going into the Thanksgiving weekend and there could be further decreases due to a “market in panic,” according to an industry expert.
Dan McTeague, president of Canadians for Affordable Energy, is predicting that the bulk of southern Ontario, including Toronto, Ottawa, Hamilton, London and Barrie, will see the dip due to “nervous economic headwinds” and the general threat of higher interest rates.
Prices are likely to drop from an average of $1.559 per litre to $1.499 per litre, according to McTeague.
“If anyone had any doubt as to the effect of high-interest rates, well, they’re now starting to be borne on the economy, where people are starting to make very different, very tough choices as to how they’re going to allocate their precious dollars,” he said.
Last week, McTeague predicted prices would stay high for some time due to a major regulatory change in California that partially shut down and put some refineries into maintenance.
However, energy markets appear to be plummeting on worries of a possible recession and even higher interest rates in the United States.
He said prices could even fall another $0.02 a litre to $1.479 per litre on Saturday, the lowest price in Ontario since last March.