The GTA is expected to see a 12-cent drop in gasoline prices on Thursday and Friday, according to Roger McKnight, chief oil analyst at En-Pro International.
McKnight says the main reason for the drop is that demand for gasoline, diesel and jet fuel has “cratered”.
McKnight notes that this is the first time all year that all products have collectively declined in demand.
Motorists can expect a drop of six cents Thursday evening to 173.9 cents per litre, and another drop of six cents on Friday.
“It’s mainly due to the fear of an impending recession and also the inflation factor, things are getting very expensive. People have decided to stay put and get out of this thing,” says McKnight.
McKnight says people’s reluctance to buy gasoline and diesel in the near term means prices will continue to fall. McKnight says “I can only see them at worst flattening out and at best falling even further.”
Motorists can expect prices to rise in October, McKnight says. “Gasoline prices follow diesel in winter. Fuel oil and diesel stocks in the fall are very low. »
McKnight says it’s best to take advantage of low gas prices while you can.
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