Gas prices in much of Southern Ontario set to drop on Friday, Saturday: Analyst

A man pumps gas in Montreal, Friday, March 4, 2022. New federal regulations to force down the greenhouse gas emissions from gasoline and diesel will cost Canadians up to 13 cents more per litre at the pump by 2030.THE CANADIAN PRESS/Graham Hughes. THE CANADIAN PRESS/Graham Hughes

Those needing to fill up their gas tanks in much of Southern Ontario may want to wait until Saturday to do so, one industry analyst says.

In a tweet Thursday, Dan McTeague, president of Canadians for Affordable Energy, said gas prices are expected to drop four cents on Friday to 174.9 cents per litre in the Greater Toronto Area, Ottawa, Kitchener, Hamilton, London, Barrie, Windsor and Niagara.

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What’s more, McTeague said prices are expected to fall another six cents on Saturday, to 168.9 cents per litre.

“Hold off ’til Saturday,” he wrote.

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Asked what is contributing to this drop in price, McTeague said weakening demand in the U.S. and refineries running “at a near all time high” means production has provided a “temporary boost in supplies” that is meeting current demand.

McTeague said energy markets are also “taking (Russian President Vladimir) Putin at his word” that he will not cut back natural gas exports to Europe.

“Add all this to worry that inflation will lead central banks to move for even higher, economically debilitating interest rates, and you can see why fuel prices are set to drop a full 10 cents a litre in the next 30 hours,” he said.

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