Ontario gas prices set to drop again. Here’s when that will happen

Gas prices are set to drop to the lowest the province has seen in months, according to one industry expert.

Canadians for Affordable Energy President Dan McTeague told CTV News Toronto that Southern Ontario is set to see its lowest prices since April 15.

“Even after gas prices drop 7 cents a litre Thursday, they will fall again 2 cents a litre for Friday pushing prices down to 175.9 for most of Southern Ontario,” McTeague said on Wednesday evening.

Motorists will see a dip at the pump in Toronto, the GTA, Ottawa, Kitchener, London, Windsor, Barrie, Niagara and Kingston, the industry watcher said.

This anticipated drop follows a huge decrease in the cost of gas in Ontario that began last month. In part, this series of drops is due to Ontario cutting the provincial gas tax.

“Of the 11-cent drop, 6.5 cents is because of the provincial government dropping the gas tax, and 4.5 cents is because of the markets,” McTeague said on June 30. That dip was followed by another decrease the first week of July. 

He explained that the pending price drop will be a “short-term reprieve,” before prices likely rise back above $2.10 by mid-July.