Ont. gas prices down 13 cents in 13 days: analyst
Published Wednesday, September 19, 2018 12:47PM EDT
Gas prices in most of Ontario are at their lowest levels in more than half a year.
Prices below $1.20 per litre were being reported at some gas stations in major cities such as Toronto, Ottawa and Hamilton as of Wednesday afternoon.
According to GasBuddy, the average price in most southern parts of the province was hovering between $1.23 and $1.26 per litre. Some stations in more remote areas were selling gasoline for less than $1.10 per litre.
“It’s certainly good news for consumers,” Dan McTeague, GasBuddy’s senior petroleum analyst, told CTV News Channel.
The average gas price in Ontario had decreased by 13 cents in a 13-day period, McTeague said, bringing them to levels not seen since mid-March.
One of the main factors driving the decrease was the switchover from summer gasoline blends to winter gas, which is cheaper to produce.
Also contributing, according to McTeague, was the provincial government working toward its promise to cut the average gas price in Ontario by 10 cents per litre.
McTeague said the province had made it “almost halfway” to its promise for gasoline, and “two-thirds of the way” there for diesel fuel by removing the province’s cap-and-trade system, which included a surcharge on fuel.
Looking ahead, McTeague said he saw no reason to expect significant increases or decreases in Ontario’s gas prices over the next few weeks.
“I think these are stable prices. They’re very competitive compared to pretty much any province in Canada now,” he said.