Toronto – Arab Canada News

Several cities in Ontario are expected to witness a noticeable drop in fuel prices starting from the end of this week, according to market observers, which may provide relief for consumers amidst ongoing inflationary pressures.

According to Dan McTeague, the president of Canadians for Affordable Energy, gas prices are likely to decrease by 4 to 7 cents per liter by Saturday, with the lowest prices recorded in the Toronto and Hamilton areas.

Prices in some regions are expected to range between 140.9 and 143.9 cents per liter, after surpassing the 150 cent per liter threshold in recent days, especially in major suburban areas.

This decline is attributed to a drop in global crude oil prices, along with an improvement in the value of the Canadian dollar in the markets, which has reduced import costs.

Background:

These expectations come amidst sharp fluctuations in the Canadian energy market due to recent U.S. tariffs, with analysts expressing concerns about long-term negative impacts on fuel prices if trade tensions continue. Canada is one of the largest oil producers in the world, yet local prices are heavily influenced by refining, transportation, and foreign exchange factors.