Ontario drivers are about to have a big sigh of relief instead of some pain at the pumps as gas prices are set to drop 10 cents per litre Friday.
Earlier this week, predictions indicated that prices would continue to rise into the Victoria Day long weekend, expected to reach $2.10 per litre for most Ontario cities.
On Wednesday, gas prices hit a record high across the province with an average of $2.09 per litre.
The higher prices come in part because of supply chain disruptions due to Russia’s invasion of Ukraine and because of higher demand due to the re-opening of the economy from lockdowns.
However, prices dropped by three cents to $2.06 per litre by Thursday morning and are expected to drop another 10 cents to an average $1.96 per litre across Ontario by Friday.
This would be a 13-cent drop in local gas prices within the span of 42 hours.
Analysts said that the recent fall in prices follows talk of a recession and global market instability.
“This time last year, the average prices for London, Ont., were about $1.26 per litre,” McTeague said.
The news of the upcoming gas price drop comes as Statistics Canada reported a 6.8 per cent annual inflation rate in April.
For gas price predictions, visit Gaswizard.ca.