12 cent drop in gas prices expected for most Ontario cities Thursday: analyst

A fuel pump nozzle in a vehicle at a gas station. David Paul Morris/Bloomberg

Ontario drivers could have a big sigh of relief instead of some pain at the pumps as gas prices are expected to drop 12 cents per litre Thursday.

While prices rose five cents overnight Wednesday to an average $1.90, a fall is predicted to bring costs down to $1.79 per litre in the GTA and across most Ontario cities, according to gas price analyst Dan McTeague.

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The Canada Day long weekend started with the first dip in the cost of gas to an average of $1.86 per litre, marking an initial 11-cent drop.

Read more: Promised Ontario gas tax cut of 5.7 cents per litre coming Friday

On Friday, the province’s gas tax cut came into effect, giving drivers a break from the once record-setting prices of over $2.10 per litre set back in May.

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.

The Ontario government cut the gas tax by 5.7 cents per litre until the end of the year.

“It has never been more important to get it done and provide Ontarians with real relief,” said Premier Doug Ford in a media release Friday. “This gas tax cut will provide more relief at the pumps for hardworking families and businesses and put more money back in their pockets, where it belongs.”

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