Every 20 years or so something crazy happens – gasoline prices, which traditionally spike before long weekends, have actually been falling or holding steady ahead of the Canada Day long weekend.
That’s just about unheard of in these times of turbulent world oil prices with energy-hungry countries like China and India gobbling up precious fuel resources.
“In the 19 years I’ve been looking at this, it’s never happened, so let’s take it while we can get it,” gas price guru and former Liberal MP Dan McTeague told CP24 Thursday.
“The reality is demand is down globally, supply is up globally and unfortunately the economic situation in most nations is not exactly rosy or optimistic and that’s one of the reasons there’s a lot of downward pressure on price.”
According to McTeague’s website, tomorrowsgaspricetoday.com, the pump price in Toronto will rise 3.5 cents to 121.2 cents per litre on Saturday, but that comes after several declines earlier in the week.
Toronto prices on Friday were hovering around 117 cents per litre, down from about 126 cents on the same date last year.
In Vancouver, prices are set to fall one cent per litre to 136.3 cents and in Edmonton, the price will remain unchanged at 108.9 cents.
Winnipeg prices will also remain unchanged from Friday to Saturday at 120.9 cents per litre. The price isn’t fluctuating in Montreal either, holding steady at 130.4 cents.
Ontario cottage country’s Muskoka fill-up locale, Gravenhurst, has had prices remain stable all week at 118.9 cents.
The price of gas in Halifax has dropped in the last 24 hours to 118.1 cents, down from 121.1.
The average national price one week ago was 123 cents per litre, compared to Friday's average price of 121.3, according to website gasbuddy.com.
McTeague said prices between February and April were exaggerated and most motorists in the Toronto area paid an extra $10 to $15 to fill up.
Market fundamentals are now reflected in lower prices that could be around for most of the summer, McTeague said.
