Gas prices have reached a five-month low in Toronto ahead of the final long weekend of the summer and they could drop further in the weeks to come, according to one industry analyst.
Dan McTeague told CP24 on Friday that a litre of regular gas is currently selling for an average of 153.9 cents per litre in the Greater Toronto Area after a two-cent drop overnight.
He says that while prices will go up two cents per litre at midnight and potentially another cent on Sunday, it is still a significant difference form what drivers were paying one year ago.
“To put that into perspective at this time last year we were paying 167.9 cents per litre and when you consider that the carbon taxes went up four cents a litre that's an 18 cent a litre net savings compared to a year ago,” he said.
McTeague said that while gas prices could rise marginally in the short term, they are likely to go down by another eight or nine cents per litre when the switchover from summer to winter gasoline happens later in September.
GTA Gas prices reached a recent high of 179 cents per litre back in April.
“We could be looking at a scenario where we're under 150 cents per litre by the second week of September so it is not all terrible news,” McTeague said.
