Don’t wait too long to go to the gas station because, according to Dan McTeague, president of Canadians for Affordable Energy, prices will certainly start to rise again mid-week. Due to concerns over the Omicron variation, the price of a litre of gas dropped 11 cents per litre on Sunday, the largest decline in a single day since January 2009.
McTeague informed the Toronto Sun, “I guess the word is taking advantage of it while you can.” Gas in the GTA was roughly $1.45.9 per litre on Saturday, contrasted to $1.34.9 on Sunday. McTeague said that it was much lower in some spots on Sunday, at 1.29.9.
When the coronavirus first hit last year, Canadians holed down at home, driving down demand for petroleum and its costs. According to government data, the national average retail price of gasoline fell to 80 cents per litre in April, the least since the financial crisis of 2008.
Prices are now rapidly climbing, up almost 20 cents per litre nationwide since the beginning of the year to a national average of more than $1.20 per litre, according to the CAA. And things are just getting worse: Fuel costs are likely to skyrocket in the coming weeks, with more rises expected all the way through summer.
According to McTeague, the market will correct itself on Monday, implying that prices will begin to rise by mid-week. “You pick a day when there’s exceptionally weak trading as a result of most American traders taking a holiday on Friday, of obviously (because) (American) Thanksgiving was on Thursday, and the timing couldn’t have been worse.” The actual dealers will turn up (Monday) morning and get back to business without being rude.”
According to McTeague, OPEC was supposed to meet on Monday, but it was postponed until Tuesday. The price of a litre could rise by four or five cents by Friday or Saturday.
Source: Toronto Sun