Drivers in the Greater Toronto and Hamilton Area are urged to refuel their vehicles this Friday and Saturday. This advice comes as gas prices are projected to drop significantly, although industry experts caution that these lower rates may only be temporary.
Expected Gas Price Drops
On Friday, gas prices are anticipated to decrease by 13 cents per litre, bringing the average cost down to 173.9 cents. Meanwhile, diesel prices are expected to dip by 28 cents per litre to 2.05, which some analysts describe as “unheard of.”
Pricing Insights
- Gas Price on Friday: 173.9 cents per litre
- Diesel Price on Friday: 2.05 cents per litre
- Potential Price by 6 p.m.: As low as 167 or 168 cents per litre
Dan McTeague, a gas price analyst, emphasized the importance of timing when purchasing fuel. He advises motorists never to buy gasoline before 6 p.m., as prices typically decrease further during that time.
Market Uncertainties
Energy markets are closely monitoring the ongoing ceasefire negotiations between the United States and Iran, which may influence future gas prices. Recently, a two-week ceasefire was established, allowing access to the strategically important Strait of Hormuz, a critical shipping channel for oil. However, Iran reclosed the waterway shortly after in response to recent regional conflicts.
Expert Opinions
Patrick De Haan, Head of Petroleum Analysis at GasBuddy, cautioned that while lower prices are welcomed, they might not be sustainable. He noted that the market reactions depend heavily on the situation surrounding the Strait of Hormuz.
McTeague concluded that while drivers can take advantage of the current low prices this weekend, they should remain vigilant of potential price fluctuations in the days to come, particularly after Monday.
