Toronto – Arab Canada News

Several cities in Ontario are expected to see a noticeable decrease in fuel prices starting this weekend, according to market watchers, which may provide relief to consumers amid ongoing inflationary pressures.

According to Dan McTeague, president of Canadians for Affordable Energy, gasoline prices are likely to drop by 4 to 7 cents per liter by Saturday, with the lowest prices being recorded in the Toronto and Hamilton areas.

Prices are expected to range in some areas between 140.9 and 143.9 cents per liter, after surpassing the 150 cents per liter mark in recent days, particularly in major suburban areas.

This decline is attributed to a decrease in global crude oil prices, along with an improvement in the value of the Canadian dollar in the markets, which has reduced import costs.

Background:

These expectations come amid sharp fluctuations in the Canadian energy market due to recent U.S. tariffs, where analysts have expressed concerns about long-term negative implications for fuel prices if trade tensions persist. Canada is one of the largest oil producers in the world, yet local prices are heavily influenced by refining, transportation factors, and exchange rates.