Gas prices drop in Ottawa and Greater Toronto Area

Gas prices are seeing significant decreases in Ottawa and the Greater Toronto Area (GTA), providing relief to drivers following recent fluctuations.

Ottawa fuel price decreases

Drivers in the nation’s capital are expected to see a sharp drop in gas prices on Nov. 4. According to Roger McKnight, chief petroleum analyst with En-Pro International, the price of regular gasoline is forecast to drop 11 cents per litre at 12:01 a.m. on Wednesday, bringing the average price down to 166.9 cents per litre.

This decrease would mark one of the largest single-day price drops in recent months and would push pump prices to their lowest levels since the summer. The projected decline follows a period where gas prices remained unchanged for two days, following a four-cent increase on Nov. 1. Historical CityNews data shows that gas prices reached highs of more than 190 cents per litre in October before trending lower in recent weeks.

Greater Toronto Area price outlook

In the Greater Toronto Area, gas prices are set to drop to its lowest price point not seen in nearly 3 months. This follows an 11-cent drop at the pumps on Wednesday.

Analyst Dan McTeague, the president of Canadians for Affordable Energy, says gas is set to drop nine cents a litre to 159.9 on Friday, while diesel will fall 14 cents to 234.9. McTeague told CP24 on Wednesday evening, “In the aftermath of the U.S. Midterms, energy markets traded down oil and petroleum prices today, meaning drivers are about to enjoy even more savings at the pumps on Friday.”

McTeague also noted that markets were indicating “some optimism over what’s happening in the Persian Gulf and the Strait of Hormuz.” He stated, “Silence on the geopolitical front means that we could be seeing another decrease.”

Market factors and historical context

McTeague noted that warmer than normal weather has contributed to the current trends, as there is less use for diesel. He remarked, “The pressure is off for a little bit at least for the foreseeable future.”

Despite the recent decreases, McTeague noted that prices remain “substantially higher” than they were one year ago. According to McTeague, prices were about 30 to 35 cents a litre cheaper a year ago, and diesel was down about 80 cents a litre. He noted that the current trend "is heading in the right direction."

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Sources

• ottawa.citynews.ca: Gas prices plunge in Ottawa
• cp24.com: GTA gas prices: drivers to see more relief at the pumps
• ctvnews.ca: GTA gas prices: drivers to see more relief at the pumps

This article was drafted with AI assistance and checked against the sources above. Company claims are reported as claims. Cover image is AI-generated.