Ontario gas prices are about to drop and here's the best time to fill up

There is relief on the way for Ontario drivers cringing at the sight of record-high gas prices in the province.

There is some relief on tap for Ontario drivers cringing at the sight of record-high gas prices in the province.

Dan McTeague, the president of Canadians for Affordable Energy, told CTV News Toronto that prices are set to drop to 207.9 cents a litre on Wednesday.

While it may not seem like much, the five cent reduction will be welcome news to drivers who have been seeing prices north of $2/per litre at the pump for weeks now.

“With energy markets in full retreat, after word emerged China may re-enter lockdowns and fear of a looming recession with a possible 75 basis point hike in U.S. and Canadian interest rates, drivers can at least look forward to a 5 cent a litre drop in prices at the pumps Wednesday,” McTeague said in an email.

Last weekend, the price of gas climbed to a record 215.9 cents a litre in much of the Greater Toronto Area and southern Ontario.

Drivers would be wise to take advantage of the Wednesday drop as McTeague has said that the price of gas could reach 225 cents a litre in the summer months.