Gas prices seeing 'unprecedented' decline with another drop coming this weekend in southern Ontario

A woman fills her vehicle with fuel during the COVID-19 pandemic in Toronto on Tuesday, October 19, 2021. THE CANADIAN PRESS/Evan Buhler

Gas prices in southern Ontario are set to drop again this weekend, continuing a series of decreases at the pumps that one industry analyst says has “never been seen before.”

Dan McTeague, president of Canadians for Affordable Energy, says the current rate of decline is “unprecedented.”

“I have never seen a period of 72 hours when gas prices drop 20 cents a litre,” he told CTV News Toronto Friday morning.

Over the past two days, the cost of fuel has dropped 12 cents per litre, bringing it down to 167.9 cents per litre – a price the province hasn’t seen since April 13.

But on Saturday, that four-month low is set to see a new record, according to McTeague. He expects a further 8 cents decrease to 159.9 per litre.

“These are pretty significant decreases on an unprecedented scale,” he said.

McTeague anticipates this trend will push through the rest of the weekend.

“We’re expecting a 2 cent decrease on Sunday,” he said.

While cheaper fuel is good news for drivers after record highs at the pumps in June, McTeague said “what goes up, must come down.”

“Prices could snap back very violently and quickly,” he said.

“The reality is these prices, while welcome, could have a nasty surprise for all of us in store.”