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Gas prices in Toronto area set to drop to lowest level since late February this weekend: analyst

A man pumps gas in Montreal, Friday, March 4, 2022. THE CANADIAN PRESS/Graham Hughes

Gas prices in the Toronto area are expected to drop even further on Saturday, to the lowest price seen since late February, one industry analyst says.

Dan McTeague, president of Canadians for Affordable Energy, told Global News gas prices in Toronto and the Greater Toronto Area are expected to drop six cents on Friday to 167.9 cents per litre.

McTeague said prices will fall another eight cents on Saturday, to 159.9 cents per litre, marking the lowest price since Feb. 27.

Read more: Gas prices in Toronto area set to drop on Thursday, Friday, analyst says

“Lemmings are taking the view there’s plenty of oil and gasoline out there and that demand is below the COVID lockdown period,” McTeague said.

He said the U.S. data that suggested this is “now being attacked, but the damage is done.”

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“Watch for prices to snap back,” he said.

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