Drivers in the Greater Toronto Area could see more relief at the pumps later this week.
Dan McTeague, the president of Canadians for Affordable Energy, said after Wednesday’s 11-cent decrease, gas prices are set to drop nine cents a litre on Friday to 159.9, while diesel will fall 14 cents to 234.9.
“Some people who didn’t take advantage of today’s fill-up time may have been wise to hold off,” McTeague said, noting that the last time gas was below $1.60 was in early August.
“It’s heading in the right direction.”
McTeague said Friday’s drop is due in part to the markets reacting to the U.S. midterm results, in which the Democrats took back control of the House and Senate.
“It has everything to do with markets interpreting yesterday’s political outcome in the United States, and that is really bullish,” he said.
“I think for the idea that there may be an end to the war and other pressures that have driven up both diesel and gasoline prices.”
McTeague said there could be more decreases later this month with gasoline dropping below $1.50.
In an earlier interview with CP24, McTeague noted that warmer than normal weather has also helped, as there is less use for diesel.
“The pressure is off for a little bit at least for the foreseeable future,” he said.
