Ontario gas prices about to take massive drop. This is when that will happen

Ontario gas prices are about to take a huge drop and one expert says it will be “well worth waiting” if drivers can hold off on filling up.

“Finally some good news,” President of Canadians for Affordable Energy Dan McTeague told CTV News Toronto on Friday.

McTeague said gas prices will drop 11 cents per litre on Friday morning, partly due to Ontario cutting the provincial gas tax.

“Of the 11-cent drop, 6.5 cents is because of the provincial government dropping in the gas tax, and 4.5 cents is because of the markets,” McTeague said.

He said the average gas price in Ontario on Friday will be $1.93 cents per litre, which is the lowest it has been since May 12.

“If that isn’t enough for people, I’m now looking at things dropping even further,” McTeague said.

McTeague said on Saturday, gas prices will likely drop another six cents per litre.

That would bring gas prices to $1.879 cents per litre on average, marking the lowest price since April 30.

“Anyone who is reading this, I am telling you, don’t visit a gas station if you don’t have to,” McTeague said. “You don’t see these big decreases often. It’s well worth waiting.”

McTeauge said this will be a “short-term reprieve” for motorists, and that prices will likely rise back above $2.10 by mid-July.

“I don’t think this is going to hold,” he said. “So take advantage of it.”

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