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OTTAWA — If you’re looking to top off your tank, you’d best wait until Thursday.
Gas prices across Ontario are set to drop by 10 cents per litre, with average prices settling somewhere in the $1.50 to $1.60 per litre range across the Greater Toronto Area, Canadians for Affordable Energy president Dan McTeague told the Toronto Sun.
“Once you hear that there’s some kind of cessation of strikes or hostilities, that tends to get futures markets, hedgers and traders to think everything’s just fine,” he said Wednesday.
“So now we’re dialling back prices to prices we saw back on July 26 — the $1.57, $1.58, $1.59 range.”
Price drop triggered by possible Hormuz deal
On Tuesday evening, U.S. President Donald Trump vowed that a deal to reopen the Strait of Hormuz could come as early as Wednesday — an agreement that could see the vital stretch of water — once home to roughly one-fifth of the world’s oil and gas shipments — re-opened to tankers.
Meanwhile, negotiators in Oman finalized a draft framework for temporary shipping lanes through the strait, though Tehran continues to officially deny direct negotiations with Washington while awaiting final approval from the regime’s supreme leadership.
The joint U.S.-Israeli operation against Iran’s despotic regime began in late February, triggering months of high fuel prices and uncertainty in one of the world’s most critical commodities markets.
“It could happen. Tomorrow or the next day,” Trump told reporters aboard Air Force One Tuesday evening when asked about the deal.
That was enough to trigger this 10-cent drop in gas prices.
While the relief at the pumps is welcome news — particularly for shippers — McTeague noted overall fuel costs remain painfully higher than last year, with diesel hitting wallets even harder.
McTeague argued that governments continuing to pocket windfalls from gas price-fuelled HST revenues show little incentive to deliver lasting relief to taxpayers, blaming green energy policies for driving costs higher.