The GTA is expected to see a 12-cent drop in gas prices Thursday and Friday, according to Roger McKnight, chief petroleum analyst at En-Pro International.
McKnight says the key reason for the drop is because the demand for gasoline, diesel, and jet fuel has “cratered.”
McKnight notes that this is the first time all year that all products have collectively decreased in demand.
Motorists can expect a six-cent drop Thursday night to 173.9 cents per litre, and another six-cent drop on Friday.
“This is due mainly to the fear of a recession being right around the corner and also the inflation factor, things are getting very expensive. People have decided to stay put and ride this thing out,” says McKnight.
McKnight says people’s reluctance to buy gasoline and diesel in the short term means prices will continue to fall. McKnight says “I can only see them at worst flattening and at best falling even further.”
Motorists can expect prices to go up in October says McKnight. “Gasoline prices follow diesel in the wintertime. The inventories of heating oil and diesel going into the fall are very poor.”
McKnight says it’s best to enjoy the low gas prices while you can.
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