Toronto – Arab Canada News

Residents of the Greater Toronto Area (GTA) woke up on Tuesday to the cheapest fuel prices the region has seen in years, with gasoline prices dropping sharply by 20 cents per liter, in a surprising move attributed by experts to a decline in global crude oil prices and a slowdown in seasonal demand.

According to fuel price tracking websites, prices at many gas stations ranged between 134 and 137 cents per liter, compared to an average of 155 cents over the past week.

What's behind the decrease?

Energy analyst Dan McTeague stated that this significant drop is due to falling futures prices for oil, in addition to improvements in supply chains and "relative calm in global energy markets after months of volatility."

He noted that some distribution companies decided to pass the savings directly to consumers, in a rare move of this scale and timing.

Where are prices headed next?

Despite the current decrease, experts expect prices to remain volatile over the coming weeks, with the possibility of a gradual increase as the summer driving season approaches, leading to higher fuel demand.

McTeague warned that prices may witness "sudden spikes" if new developments arise in global oil markets or if OPEC+ decides to cut production.

Public relief and an opportunity to save

Drivers in the GTA welcomed this decline, which presents an opportunity to alleviate rising living costs, especially with the spring break approaching. Experts also urged consumers to take advantage of current prices to refuel before any potential changes.