Gas prices set to drop another 4 cents tonight, but the trend may not last
Posted August 27, 2015 3:31 pm.
This article is more than 5 years old.
Gas prices in Toronto are expected to fall below $1 a litre by Friday morning – but don’t expect the good news to last for long.
En-Pro gas price expert Roger McKnight told 680 News that the price of gas will drop four cents at midnight tonight to 99.9 cents a litre, which would be an eight-cent drop over the past two days.
The key reasons for the lower prices are the end of the summer driving season and the low price of crude oil. On Monday, crude oil traded at $38.22 US a barrel, its lowest price in six years.
Unfortunately our days of fuel going for less than a dollar may be numbered. Oil prices jumped over 10 per cent on Thursday, hitting a high of $42.56 US a barrel, its highest gain since March 2009.
However, some stations have dropped their prices even lower in the face of nearby competition.
According to Toronto Gas Buddy, Costco outlets, Danforth Gas & Wash and Top Valu on Kingston Road have listed their price at 96.9 cents a litre. And on Wednesday, two stations in St. Catherines temporarily lowered their prices to 79 and 80 cents.
According to Gas Buddy, the price for a litre of regular a year ago was 130.9 cents.
