Gas prices to drop until Thursday, expert says

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The common worth for fuel in Ontario on Monday is 210.6 cents per litre, down from Sunday’s common of 212.0, up from final month’s common of 193.5 and final yr’s common of 129.5 cents per litre, in accordance to the Canadian Automobile Association (CAA).

Ontario drivers proceed to see eye-watering prices on the pumps whereas record-breaking fuel prices in Canada have enterprise/2022/05/09/surging-gas-prices-compound-inflations-toll-on-canadians-hurt-consumer-sentiment.html”>led to a rise in shopper items and meals prices, and enterprise/personal_finance/2022/05/06/in-your-corner-the-cost-of-gas-is-out-of-control-and-going-higher-this-weekend-what-can-you-do-to-pay-less.html”>affected the way in which folks stay their lives.

High prices which have compounded with a soar in Canada’s inflation price, which hit 6.8 per cent in April — the steepest improve in additional than 30 years, have damage shopper sentiment, say analysts.

Average fuel prices in GTA

Here’s how we evaluate to the remainder of Canada

The common fuel worth in Canada is 208.3 cents per litre.

Gas prices are the bottom in Alberta the place prices are 190.2 cents per litre. Gas prices are the very best in Newfoundland and Labrador at 224.9 cents per litre.

How we bought right here

In January, fuel prices began spiking throughout the nation, and by February have been shattering data as prices on the pumps soared.

At the identical time, COVID-19 restrictions began to be lifted and other people started transferring round once more, driving up demand for fuel to pre-pandemic ranges, whereas an escalating state of affairs in Ukraine and a flurry of worldwide sanctions on Russia put strain on an already strained provide, sending worldwide crude prices right into a tailspin.

Experts say the folks hardest hit by excessive fuel prices are low-income Canadians who’re extra doubtless to spend a large chunk of their revenue on transportation and are much less doubtless to have the opportunity to afford electrical automobiles so as to offset rising prices.

Top locations to gas up within the GTA

  • 201.9 at Shell, 13947 Hurontario St. in Caledon
  • 203.9 at Esso, 5645 Highway 7 in Vaughan
  • 203.9 at Costco, 1411 Warden Ave. in Scarborough
  • 204.9 at Petro-Canada, 701 Kronso Blvd. in Pickering

  • 205.8 at Amco, 2810 Markham Rd. in Toronto
  • 205.9 at Esso, 485 Winchester Rd. East in Whitby
  • 205.9 at Costco, 1570 Dundas St. East in Mississauga
  • 205.9 at Dost Petroleum, 13823 Hurontario St. in Caledon
  • 205.9 Shell, 2001 North Park Dr. in Brampton

Long-term outlook

According to fuel expert and president of Canadians for Affordable Energy Dan McTeague, fuel prices may see a slight lower on Wednesday or Thursday.

McTeague mentioned worth of the Canadian greenback, which enterprise/2022/06/13/sptsx-composite-down-more-than-400-points-us-stock-markets-also-retreat.html”>traded for US 77.71 cents Monday morning, helps maintain fuel prices excessive.

“We’re being brutalized by a weak Canadian dollar,” mentioned McTeague, including that the greenback’s former power as petrocurrency now not helps “shield” Canadians.

Drivers in Canada are dropping over 35 cents a litre in buying energy due to the Canadian greenback’s weak spot in opposition to the U.S. buck.

“We’re being treated like every other country around the world that doesn’t have oil,” McTeague mentioned.

While he mentioned he predicts prices will see a slight lower mid-week, McTeague added that outlook may change after the U.S. Department of Energy’s reviews new data on Wednesday. He added he didn’t assume prices would rise to the weekend’s heights.

“You could see prices and move back up but they will not hit 215.9 as we saw on Saturday,” he mentioned.

Tips for saving money on fuel

Experts say shopper driving habits can influence how a lot money they spend on fuel. Some information/gta/2022/03/04/overwhelmed-by-rising-gas-prices-here-are-5-tips-on-how-to-save.html”>easy suggestions to save money on fuel embody:

  • Driving at a gentle velocity and avoiding abrupt actions, as most automobiles are most fuel-efficient after they’re operating between 50 and 80 kilometres per hour.
  • Travelling mild and eradicating heavy gadgets from the automobile resembling hockey tools may assist gas consumption.
  • Using apps that present every day updates for fuel prices in your native space, like GasBuddy and Waze, which depend on crowdsourced data.
  • Hitting the fuel station earlier within the week, as some consultants say prices have a tendency to rise on Thursdays and into the weekend.
  • And the apparent one: use your automobile much less, attempt to carpool extra, use public transit, trip your bike or stroll.

With recordsdata from Ivy Mak.

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