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Gas Prices in Southern Ontario to Drop by Another 4 Cents on Thursday

Fuel analysts state gas prices in Southern Ontario could fall another four cents per litre on Thursday. This will be the second four-cent drop in two days as gas prices today stand at 172.9 cents a litre, which is after a four-cent drop. This comes after gas prices went up 20 cents a litre about two weeks ago.

President of Canadians for Affordable Energy, Dan McTeague, said, “In the short term, we can expect gas prices that fell 4 cents a litre today in Ontario, will fall another 4 cents a litre tomorrow.” Today, gas prices dropped to 172.9 cents a litre which was a four-cent drop. With another four-cent drop, the prices are expected to reach 168.9 cents per litre. The news brings some relief to commuters as prices had been increasing for the past couple of weeks. The new gas prices will be seen in Toronto, GTA, Ottawa, Hamilton, Kitchener, London, Barrie, Niagara, Windsor, Kingston, and most of Southern Ontario.

Two weeks ago in October, gas prices jumped 20 cents per litre. McTeague also shared that markets “seem to be indicating a further drop in the price,” but it is too early to reach a conclusion. “I think markets are still in a major tug of war,” he added.

However, this increase is not as bad as earlier this summer when concerns over the war in Ukraine caused a spike in gas prices, taking it over $2 per litre. Then in September, due to fear of recession, they dropped quite significantly to 143.9 cents per litre. Furthermore, in December, the six-cent tax reduction on Ontario’s portion of the gas tax is set to expire, which could take the prices even higher.

At the time, McTeague had predicted a drop in gas prices which is being seen now. He did mention that due to all the moving parts and the evolving situation with the Ukraine war, making predictions for anything over two days in the future is not possible.

Vineet Washington

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