Drivers across Ontario can expect some relief at the pumps this weekend as gas prices are forecast to drop by as much as nine cents per litre on Saturday, according to industry analyst Dan McTeague of Canadians for Affordable Energy.
The anticipated price drop follows a dramatic selloff in global oil markets, triggered by mounting economic uncertainty surrounding U.S. President Donald Trump’s recently announced tariffs. Crude oil prices on the New York Mercantile Exchange (NYMEX) fell by over six per cent Thursday, with gasoline futures down 18 cents per gallon.
“Energy markets responded dramatically to the [U.S.] tariff saga today,” McTeague told CP24, adding that the ripple effects are now being felt at local fuel stations.
Consumers in major Ontario cities, including the Greater Toronto Area, Hamilton, Ottawa, London, Kitchener-Waterloo, and Barrie, are advised to delay refueling until Saturday, when pump prices are projected to fall to around $1.32 per litre.
The expected drop comes on the heels of a significant 20-cent-per-litre decrease earlier this week, following the federal government’s April 1 decision to remove the consumer carbon tax. Combined, these developments are offering drivers a rare moment of price relief amid ongoing inflationary pressures.
As geopolitical tensions continue to impact energy markets, McTeague notes that gas prices may remain volatile over the coming weeks. He recommends that motorists monitor forecasts closely and take advantage of temporary lows when possible.
For up-to-date gas price predictions and energy market analysis, visit www.gaswizard.ca.