If you’re planning to fill up your vehicle, this week might be the time as gas prices remain near a multi-month low.
The average price of a litre of regular gas dropped to a recent low of 139.9 cents last week. Since then the average price at the pumps has climbed back to 146.9 cents per litre, according to industry analyst Dan McTeague.
However, there is some good news for drivers as McTeague says that it is unlikely that there will be a major increase in the cost at the pump until the end of March.
“The only bumps that we know are coming is if we get cold weather in the early part of 2024, then of course diesel prices go up and that brings with it gasoline [prices],” said McTeague
McTeague says that the Israel-Hamas war has not had a significant impact on gas prices so far, allowing for some stability in pricing.
As for what prices to look forward to in the New Year, McTeague expects gas prices for 2024 to be “a carbon copy of 2023, with nothing exciting anticipated to affect pricing outside of seasonal fluctuations.”
Major jumps could come with the federal carbon tax increase expected in April, McTeague says. Ontarians could be in for close to a four cent increase per litre as a result.
Similarly to last year around the holidays, McTeague said drivers can expect to pay roughly $1.50 a litre in the New Year right into the month of February.
“It'll change literally by the day, there is no given day that is the same as the previous markets are more focused on headline issues rather than fundamental supply and demand,” he said.
In 2022 gas prices surged due to a number of geopolitical factors and at one point hit a record 214.9 cents per litre in the GTA.
Since then prices have normalized but remain higher than the pre-2022 norm.
