(ONTARIO) – Analysts are suggesting that motorists wait to fill their gas tanks for now, as the 7% single-day drop in the price of crude oil during a 12-day streak of lowering prices will impact prices soon.
Gas prices are expected to drop at midnight tonight (updated to Thursday night) and should be staying low deep into next week, according to GasBuddy.com.
These expected gas price drop should be the largest single-day price drop in at least three years. Prices are expected to be around the $1.02 – $1.03 range with some stations dropping below the $1 mark according to a GasBuddy spokesperson.
Prices are likely to drop even further in the following week, by around an extra 3 cents a litre.
Ontarians are already saving roughly 5 cents per litre from the carbon tax being axed, he says.
Gas prices have already hit $1.02 in Fort William First Nation as of today, and are expected to drop more overnight. This is the standard price, it is cheaper if you have a gas card.
Northern Ontario often has much higher gas prices than southern Ontario, so we will wait to see how much, if at all, does this drop in crude oil prices impact our price at the pumps.
(UPDATE: The forecast changed to midnight overnight Thursday to Friday.)
With files from GasBuddy.com and CTV News