Gas prices drop to lowest price since March in southern Ontario

Just in time for the last long weekend of the summer, gas prices are expected to drop in Ontario.

Gas prices started to climb in the spring from around 148 cents/litre in early March to over 162 cents/litre in April.

Prices reached around 170 cents/litre in July in the GTA but have been declining in August, according to the fuel price tracking website Gas Wizard.

Gas Wizard predicts the price at the pump will drop two cents on Friday to 153.9 cents/litre, the lowest it has been since March.

Just two weeks ago the price was around 160 cents/litre.

The price increases this summer were blamed on several factors.

The cost of oil increased and refineries weren’t keeping up with demand. The switchover to the summer gas formulation also raises prices as it is a more costly process.

There was also the federal carbon pricing plan, which increased from $65 a tonne to $80 a tonne on April 1, Experts suggested that change would add about three cents to the cost of gas.

But the Carbon Tax Rebate provides most Canadians with the cash back.

Lead photo: Engin Akyurt