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Commodities

Ontario Gas Prices Set to Drop Amid Easing Oil Prices

Guavy AI Editorial Team
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Ontario drivers are set to receive some relief at the pumps this week due to easing oil prices. According to Dan McTeague, head of Canadians for Affordable Energy, gasoline prices will drop by two cents per litre on Wednesday, putting the Greater Toronto Area's peak price at 174.9 cents per litre. Diesel prices, meanwhile, are expected to fall by 10 cents.

The decrease in oil prices comes after U.S. President Donald Trump announced harsh economic sanctions against Iran and news emerged that shipping traffic through the Strait of Hormuz has picked up recently. McTeague's prediction is based on the fact that energy markets typically reflect changes two days later.

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