Gas prices in the GTA are set to drop by an average of 12 cents a liter by Friday morning, bringing the cost of fuel down to a nearly four-month low.
Dan McTeague, of Canadians for Affordable Energy, tells CP24 that the average cost of a liter of gas in the GTA will fall by six cents at midnight to 173.9 cents per liter.
But he says that drivers shouldn’t rush to fill up.
That is because he is forecasting another six cents per litre drop in price for Friday morning.
That would bring the average cost of a liter of fuel across the GTA to 167.9 cents per liter, which would be the lowest price since April 13.
“Drivers in Toronto, the GTA, Ottawa, London, Kitchener, Barrie, Windsor, Hamilton, Niagara, Kingston and Guelph will all benefit from the 12 cent total drop if they can hold off until Friday,” he told CP24.
Gas prices in the GTA reached a record 214.9 cents per liter in June but have now been on the decline for weeks amid a drop in demand and rising fears about a recession.
Prices, however, remain significantly higher than last August when the cost at the pumps topped out at around 140 cents per liter.