Ontario drivers may want to hold off filling up until this weekend as gasoline and diesel prices are both expected to go down.
It’s not a huge drop, but “it’s going in the right direction,” said industry analyst Dan McTeague, president of Canadians for Affordable Energy.
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McTeague expects gasoline prices to go down by about three cents per litre Friday, Nov. 21 and then possibly another penny on Saturday.
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Diesel prices are expected to go down two to three cents per litre Friday and then an equal amount again on Saturday.
Why are gas prices falling? ARTICLE CONTINUES BELOW
Global energy markets are pre-emptively reacting to U.S. President Donald Trump’s sanctions on Russia’s biggest oil producers, which are set to go into effect Friday, and rumours of a potential Russian-Ukraine peace deal, McTeague said.
In October, U.S. President Donald Trump threatened stiff sanctions on buyers of Russian oil, giving them a deadline of Nov. 21 to stop doing business with Russian oil producers.
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The world’s continued purchasing of Russian oil has helped fund Russia’s war on Ukraine.
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U.S. officials say the sanctions are intended to force Russia to negotiate a peace deal and end the war.
It is unclear if those sanctions will go into effect tomorrow, but their threat is already affecting energy markets, and reportedly straining Russia’s economy.
Prices not as low as they could be
Prices are significantly lower today than they were a year ago, but aren’t as cheap as they could be.
At this time last year, Toronto gasoline prices, recording at their morning peak price, averaged 154.9 cents per litre. Today, they’re at 140.9 cents and could be as low as 136.9 cents by Saturday.
But, prices had dropped by about 20 cents per litre in April, when Prime Minister Mark Carney removed the consumer carbon tax.
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Since then, prices have ticked up as the Canadian dollar has lost value. Because Canadian gasoline prices are based on global energy markets, a weaker loonie means it takes more of our dollars to buy gasoline.
Tips to save money on gas prices
McTeague reminds drivers to wait until the evening to buy their gas, as stations reduce their profit margins at those times.
Compared to the morning price, drivers can save as much as eight cents per litre if they wait to fill up after 6 p.m., he said.
Prices also tend to be lower outside the GTA and major cities, so if you’re heading out of town, it’s best to fill up once you get to where you’re going.
Where to find cheap gas prices in Ontario
Check out the links below to find cheap gas near you.
ARTICLE CONTINUES BELOW AjaxAuroraBramptonBurlingtonMarkhamMiltonMississaugaNewmarketOakvillePickeringStay informed on gas prices
Drivers can get a gas price heads-up on McTeague’s website gaswizard.ca, find the cheapest gas prices in your community on gasbuddy.com and learn more about fuel prices with Ontario’s motor fuel prices report.
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