Gasoline prices in the GTA will drop by ten cents in two days
The Greater Toronto Area is on course for a dime drop in gasoline prices ahead of the weekend, according to Roger McKnight, chief oil analyst at En-Pro International.
McKnight predicts an average Saturday gas price in the GTA of around 168 cents per litre, the lowest average gas price since April of this year.
“I think fear of recession and inflation is driving this decline,” McKnight said in an interview.
“There’s been a drop in demand, and it’s the same with jet fuel – people just aren’t traveling at the same volume as before.”
Recent data from Statistics Canada indicates that while the number of international travelers the country saw in May continues to rise from pandemic lows, it still falls below pre-COVID 2019 travel levels.
McKnight doesn’t think this relief is temporary. In fact, consumer fears of recession could be the driving force behind more acceptable gas prices ahead.
“It’s not a short-term thing,” he said. “The possibility of a recession casts a very dark shadow over people’s confidence in the short-term future.”
McKnight, however, advises people to stock up on Saturday to take advantage of the dime drop.
The Star reported earlier this week that inflation hit a record 8.1% in June, the biggest year-on-year increase since January 1983.
A major culprit in the inflation figure was record gas prices, caused by supply chain issues, geopolitical challenges and the war in Ukraine.
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