Drivers in Toronto and the GTA will see a noticeable dip at the pumps on Thursday, with gas prices set to fall six cents a litre at midnight; a welcome shift for many after a turbulent stretch of increases driven by geopolitical instability and fluctuating oil markets.
According to Roger McKnight, chief petroleum analyst with En-Pro, the drop follows a period of sharp price swings that saw GTA gas climb multiple times in early March, including jumps of six cents on March 7 and 2–3 cents on several surrounding days.
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Over the past two weeks, drivers have been hit with steady increases tied to escalating tensions between the U.S. and Iran, which pushed oil futures higher and injected uncertainty into global supply chains. This has prompted market volatility, with crude prices reacting to shifting diplomatic signals and concerns about potential disruptions in the Middle East.
For added context, gas prices in Toronto and the GTA opened at 135.9 cents per litre at most stations on March 1. It increased by six cents on March 6, another six cents on March 7 and two cents on March 8, ahead of Thursday’s forecasted drop.
Recent reports indicate that the short‑term outlook for drivers remains uncertain. Any renewed escalation between the U.S. and Iran could send oil prices climbing again, while easing tensions or increased supply could stabilize or lower pump prices.
With files from The Associated Press