WATCH: 113.9 per litre in Toronto, even lower in other parts of the GTA. While you might drive away from the pump pretty happy, as Cindy Pom explains, there might be negative long term effects.
TORONTO – Fill up the tank this weekend because it’s predicted the price for a litre of gas in Toronto overnight will hit the lowest point since December 2010.
Dan McTeague of gas tracking website Tomorrow’s Gas Price Today tells Global News the price at the pump will drop three cents at midnight from 116.9 to 113.9 cents a litre.
The U.S. Energy Department predicted earlier this week that the average price of gasoline in the U.S. will be $2.94 a gallon in 2015 — a 44-cent drop from an outlook issued just a month ago.
READ MORE: Oil just slipped below $80 — and it’s expected to fall further
Government officials are also telling consumers that these prices won’t go away anytime soon.
Rising oil production, particularly in the U.S., and weak spots in the global economy have led to a sharp reduction in oil prices over the past four months.
Not seeing much of a change ahead, the government cut its forecast for global oil prices next year by $18 a barrel to $83.
-With a file from The Associated Press
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