Toronto - Arab Canada News

The residents of the Greater Toronto Area (GTA) woke up on Tuesday to the lowest fuel prices seen in the region for years, with gasoline prices experiencing a sharp decline of 20 cents per liter, a surprising move attributed by experts to a drop in global crude oil prices and a slowdown in seasonal demand.

According to fuel price tracking websites, prices at many gas stations ranged between 134 and 137 cents per liter, compared to an average of 155 cents in the past week.

What is behind the decline?

Energy analyst Dan McTeague stated that this significant drop is due to the decrease in oil futures prices, as well as improvements in supply chains and "the relative calm in global energy markets after months of volatility."

He noted that some distribution companies decided to pass the savings directly to consumers, in a rare move of this scale and timing.

Where are prices heading next?

Despite the current decline, experts expect prices to remain volatile in the coming weeks, with a likelihood of gradually increasing as the summer driving season approaches and fuel demand rises.

McTeague warned that prices could see "sudden spikes" if new developments occur in global oil markets or if OPEC+ decides to cut production.

Public relief and an opportunity to save

Drivers in the GTA welcomed this decline, which presents an opportunity to ease the rising cost of living, especially with the spring break approaching. Experts also urged consumers to take advantage of current prices to refuel before any potential changes.