Gas prices set to drop from near-record high

TORONTO, Ont. – It appears the Easter bunny has arrived slightly early for GTA motorists.

After many gas stations jacked up their prices by 4.5 cents on Wednesday morning, 680News gas price expert, En-Pro’s Roger McKnight, said the price is expected to fall 3.6 cents a litre at midnight to 136.5 cents/litre in time for Good Friday.

“It looks like a little bit of a marketing-shadowboxing as I would call it. One supplier yesterday tried to raise the price by four and a half cents a litre. Some of their competition didn’t follow, called their bluff, and now they’re having a retaliation,” McKnight said, thus explaining why prices at GTA stations ranged from the low $1.30s to $1.40.

“We’re talking a swing of about seven cents a litre either way, right when you do the plus and the minus, which is ridiculous, so somebody’s really angry at somebody and the consumer [Friday] is going to benefit from it after paying for it [Wednesday].”

While he admitted he has never seen such wide swings in the prices, McKnight added that the general trend is for prices to increase over the coming weeks because of a refining shortage in the Eastern U.S.

“It’s still coming […] you’re still on an increase,” he said. “Goodness knows what’s going to happen on Saturday.”

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