Latest news with #CanadiansForAffordableEnergy
CTV News
13 hours ago
- Business
- CTV News
Gas prices in the GTA set to drop considerably this week. Here is how much drivers can expect to pay.
Gas prices in the Greater Toronto Area are set to drop by five cents a litre overnight and could soon be back to where they were prior to the beginning of the Iran-Israel conflict, an industry analyst says. Canadians for Affordable Energy President Dan McTeague tells CP24 that he expects the price of a litre of regular gasoline to drop to about 138.9 cents per litre on average at midnight, before falling by another four cents per litre on Thursday. McTeague says that it is possible that by Friday gas will be back down to around $1.30 per litre in the GTA and much of southern Ontario. He says that the decline in prices at the pump is directly related to recent developments in the Iran-Israel conflict. Israel and Iran had agreed to a cease-fire that was set to take effect Tuesday, however U.S. President Donald Trump expressed frustration earlier in the day after he said that both countries had violated the agreement. Trump later said on social media that Israel would 'turn around' its jets and stop attacking Iran and that the ceasefire was 'in effect.' 'If President Trump is correct and there is a truce and there is no further evidence of this matter escalating then we are returning to the exact same prices we had two weeks ago,' McTeague said. The average cost of a litre of regular fuel hit a recent high of 143.9 cents per litre in the GTA this week amid concerns that the conflict in the Middle East could disrupt oil markets. McTeague, however, pointed out that only about 20 to 25 per cent of the world's oil supply comes from the region, something that he said would limit the impact that the conflict will have on drivers at the pumps especially when compared to the way oil prices surged in the aftermath of Russia invading Ukraine in 2022. Back then, gas prices in the GTA peaked at a record 215.5 cents per litre. 'There was a note of caution that I think went through the mind of energy traders that said lets look this time before we leap and that is exactly why we saw oil prices go up $10 dollars a barrel and have now seen it drop $10 a barrel to exactly where we were just prior to the initial attacks on June 10,' McTeague said.
CTV News
14 hours ago
- Automotive
- CTV News
Here's when gas prices will drop 8 cents a litre in Ottawa
Ottawa motorists will want to wait to fill up the gas tank, with prices expected to drop eight cents over the next two days. Canadians for Affordable Energy president Dan McTeague says gas prices will drop five cents a litre on Wednesday at Ottawa stations, followed by three cents a litre drop on Thursday. Diesel prices are set to go down 10 cents a litre over the next two days. The drop in gas prices comes after oil prices dropped on Monday after Iran announced a missile attack on a U.S. base in Qatar and U.S. President Donald Trump announced a 'complete and total ceasefire.' Oil was selling at $64.84 a barrel early Tuesday.
CTV News
19-05-2025
- Business
- CTV News
Why gas prices are expected to jump this summer due to Trump
Watch Dan McTeague, president of Canadians for Affordable Energy, discusses the impact Trump's tariffs could have on gas this summer.
