GasBuddy\u2019s Head of Petroleum Analysis Patrick de Haan says the dip in gas prices may only be a temporary reprieve due to the uncertainty of the Iran war. <\/p>\n
Drivers in the Greater Toronto and Hamilton Area should fill up their gas tanks this Friday and Saturday, as prices are expected to see a big dip but analysts warn it may be temporary, an industry expert says.<\/p>\n
Gas price analyst Dan McTeague tells CP24 that the cost of fuel will drop 13 cents a litre on Friday to an average of 173.9, while diesel will dip by 28 cents a litre to 2.05, which he said is \u201cunheard of.\u201d<\/p>\n
McTeague noted that gas prices won\u2019t change on Saturday, while diesel could see a four-cent-a-litre increase.<\/p>\n
\u201cNever buy your gasoline before 6 p.m., because gas stations shed another five, six, seven cents a litre, so that $1.739 tomorrow by 6 p.m. on both Friday and Saturday could be as low as $1.67 or $1.68. And that\u2019s a price we haven\u2019t seen, certainly, since the early days of the war,\u201d McTeague said.<\/p>\n
He added that energy markets are monitoring the Iran war ceasefire negotiations before any further price movements.<\/p>\n
\u201cThey\u2019re taking a bit of a break and saying, well, let\u2019s see what happens with the negotiations,\u201d McTeague said.<\/p>\n
\u201cThat is likely to determine where markets are going to go come Monday, and that\u2019ll be enough to send a price signal on Wednesday. And we could either see a major drop or we could see a major increase. I\u2019m doubting it\u2019s going to be sort of neutral.\u201d<\/p>\n
The United States and Iran agreed to a two-week ceasefire on Tuesday<\/a>, which led to the reopening of the Strait of Hormuz, one of the world\u2019s busiest oil shipping routes. <\/p>\n