Ontario gas prices fall sharply, partly due to tax cut

Gasoline prices in Ontario are on the cusp of a massive drop, and one expert says it’s “worth the wait” if drivers can wait to refuel.

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

McTeague said gas prices will fall 11 cents a liter Friday morning, partly as a result of the cut in Ontario’s provincial gas tax.

“Of the 11 cent drop, 6.5 cents is due to the state government’s gas tax cuts, and 4.5 cents to the markets,” McTeague said.

He said the average gas price in Ontario on Friday will be $1.93 cents a liter, the lowest since May 12.

“If that’s not enough for people, I’m now looking at things that go down even further,” McTeague said.

McTeague said if the market holds up, gas prices will fall another five cents a liter on Saturday.

That would bring the gas price to an average of $1.88 cents per liter, the lowest price since April 30. It would be a 15 cent drop from Thursday’s prices.

He said he was able to confirm Saturday’s gas prices late Friday afternoon.

“Anyone reading this, I’m telling you, don’t visit a gas station if you don’t have to,” McTeague said. “You don’t see these big drops very often. It’s worth the wait.”

McTeauge said this will be a “short-term reprieve” for motorists, with prices likely to rise above $2.10 again in mid-July.

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

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