This article was originally published on November 14th.
Ontario drivers, relief at the pumps is on the way. Gas prices are set to drop dramatically at midnight on Wednesday, November 14th and will stay low well into next week. The reason, according to a Gas Buddy spokesperson, is a "historical drop in crude prices," which dropped 7.8 percent this week.
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He's calling it the biggest single-day drop in gas prices in at least three years. Which for consumers, translates to about a net decrease of 4 cents a litre. That number varies across the province, though - pumps in some cities could see $1.10/litre, while other areas will see prices below a dollar per litre.
"You'll see a lot of $1.02's and $1.03's," the spokesperson said, with some stations holding at below a dollar a litre for the first time since early October 2017.
The spokesperson even went on to say that we can expect prices to drop even more, by about an extra three cents a litre this time next week.
Keep in mind that in the winter months, gasoline is cheaper for refineries to make which is why we consistently pay less for gas in the colder months than in the summertime. Consumers in Ontario are also saving about 5 cents a litre from no longer having to pay the carbon tax, he says.
Source: CTV News