Gas prices fall for 5th week in southern Ontario

Gas prices across southern Ontario have seen a steady decline for five consecutive weeks.

According to Gas Wizard, regular fuel prices dropped from 154.9 cents per litre on Sept. 2 to 149.9 cents per litre by Sept. 6. Prices then fell further over the weekend, reaching 148.9 cents per litre on Saturday, Sept. 7. Another price decrease is anticipated to fall to 146.9 cents per litre on Sunday, Sept. 8.

Gas Wizard forecasts are built on over 30 years of energy industry expertise from Dan McTeague, a former Member of Parliament and current president of Canadians for Affordable Energy.

These are the lowest gas prices recorded since March 2023, when prices hovered at 147.9 cents per litre between March 10 and March 12, before shooting back up over the summer.

The price increases during the warmer months were attributed to several factors including rising oil prices and refineries struggling to meet demand. Additionally, the switchover to the summer gas formulation, which is a more expensive process, contributed to the spike.

Data from Kalibrate—a fuel pricing analytics platform—also shows substantial declines across these southern Ontario cities:

• City of Toronto — 5 cents
• Brampton — 5.1 cents
• Mississauga — 4.1 cents
• Oshawa — 4.9 cents
• Hamilton — 4.4 cents
• St. Catharines — 3.7 cents

These price reductions come as inflation continues to affect consumer decisions. A report from J.D. Power Canada notes that many drivers are holding onto their vehicles longer due to rising maintenance costs.

The average cost of a visit to a dealership has reportedly increased to $465, up from $432 last year, while independent repair shop visits have risen to $273, from $262.

If you’re looking to fill up your tank, now might be the ideal time as gas prices have hit their lowest levels in months.