The cost of fuel will be lowest the Greater Toronto Area has seen in more than two months this week, a gas price analyst predicts. On Wednesday, the price of both gasoline and diesel is expected to fall 11 cents a litre, to 167.9 and 235.9 respectively, says Dan McTeague, of Canadians for Affordable Energy. He said the last time drivers would have seen gas at 167.9 a litre was on Aug. 9, while diesel, at 235.9 a litre, hasn’t been seen since Sept. 2. “The drop comes on optimism over a deal that would see shipping traffic resume in the Straits of Hormuz, while some speculate tomorrow’s U.S. midterms could see a speedier resolution to the conflict in the Middle East,” McTeague said in an email to CP24. “Longer term assessments on the direction of fuel prices remains up in the air as previous efforts have inevitably fallen short, causing prices to resume and test record levels.” ‘Some level of sanity’ Speaking with CP24 on Monday evening, McTeague said an 11-cent drop for both the cost of gas and diesel is something that doesn’t happen very often and is an announcement he’s happy to make. The gas prices analyst says the price of fuel has been fairly steady and elevated for the past few weeks, however a couple of factors are causing this expected price drop, which he said could last for some time. McTeague said it could save consumers $6 to $10 per tank of gasoline, depending on what type of fuel they are purchasing. The savings could be much more significant for truckers who buy diesel, especially in large quantities, he said. They could save in the range of $100 or more. “That kind of a decrease normally means within a few days it goes back up but I suspect that you know, greater news, that there might be actually a resolution in the Straits of Hormuz as well as caution coming out of what could be a very tumultuous midterm tomorrow,” McTeague said. “That could have a real impact in terms of keeping prices down, at least bringing them back to some level of sanity as far as affordability is concerned.” He added that while there have been many disappointments when it comes to fuel prices, he’s optimistic that consumers are “coming to the end of this very long ordeal in which we’ve seen energy prices go very high and remain there.” “I think definitely scales are tilted towards prices going down and staying down, perhaps another five or six cents a litre on top of the 11 cents a litre by the end of the week,” predicts McTeague.
