Motorists in Toronto and the Greater Toronto Area (GTA) can look forward to some good news at the gas pumps starting Thursday. Gas prices are expected to drop by eight cents overnight, reaching 133.9 cents per litre, the lowest level seen since August.
The price reduction is scheduled to come into effect just after midnight on Thursday, September 18, as confirmed by Roger McKnight, the Chief Petroleum Analyst at En-Pro. This decrease represents one of the most significant single-day drops observed in recent weeks.
The last time gasoline prices were this economical was back in early August, where the average prices briefly stayed around the 132 to 133 cent range before experiencing an upward trend again.
This decline follows a period of market instability, with prices going through fluctuations during late summer due to changes in wholesale costs, seasonal adjustments in fuel blends, and global movements in oil prices.
Although the exact causes behind this sudden drop on Thursday have not been officially verified, analysts often attribute such shifts to the transition from pricier summer-grade gasoline to more affordable fall blends, coupled with a decrease in demand post the busy summer travel season.
“Refineries are required to switch from summer to winter gas formulations starting from September 16,” noted McKnight.