{"id":611492,"date":"2026-04-18T02:34:07","date_gmt":"2026-04-18T02:34:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/611492\/"},"modified":"2026-04-18T02:34:07","modified_gmt":"2026-04-18T02:34:07","slug":"gas-prices-in-the-gta-this-weekend","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/611492\/","title":{"rendered":"Gas prices in the GTA this weekend"},"content":{"rendered":"<p>Canadians for Affordable Energy president Dan McTeague says the Strait of Hormuz closure created a \u2018supply crunch\u2019 that may take months to regulate. <\/p>\n<p class=\"c-paragraph\">Drivers should wait until Sunday or even Monday to fill up their tanks, according to one industry analyst.<\/p>\n<p class=\"c-paragraph\">Dan McTeague with the Canadians for Affordable Energy told CP24 that the price of gas will go up nine cents a litre on Saturday to 182.9.<\/p>\n<p class=\"c-paragraph\">It will, however, drop five to seven cents a litre to 175.9 on Sunday and fall further by 11 cents on Monday to 164.9 as the temporary suspension of the federal fuel excise tax on gas and diesel takes effect.<\/p>\n<p class=\"c-paragraph\">Prime Minister Mark Carney announced <a href=\"https:\/\/www.ctvnews.ca\/politics\/article\/carney-government-to-temporarily-suspend-federal-gas-tax-starting-next-week\/\" target=\"_blank\" rel=\"nofollow noopener\" title=\"https:\/\/www.ctvnews.ca\/politics\/article\/carney-government-to-temporarily-suspend-federal-gas-tax-starting-next-week\/\">the move earlier this week.<\/a><\/p>\n<p class=\"c-paragraph\">According to the federal government, the tax suspension is expected to reduce the cost of gas by 10 cents per litre on regular gas and by four cents on diesel. It will remain in effect until Sept. 7.<\/p>\n<p class=\"c-paragraph\">McTeague said the price of diesel is expected to dip by about 23 cents a litre by Monday morning. <\/p>\n<p class=\"c-paragraph\">\u201cIf that doesn\u2019t show up by Monday morning, it\u2019s definitely going to show up at some point throughout the week. We\u2019ll be back to $1.85, $1.86 for diesel, and that\u2019s a price we haven\u2019t paid since the early days of this war.<\/p>\n<p class=\"c-paragraph\"><a href=\"https:\/\/www.bnnbloomberg.ca\/markets\/oil\/2026\/04\/17\/oil-prices-drop-more-than-10-and-us-stocks-soar-after-iran-reopens-the-strait-of-hormuz\/\" target=\"_blank\" rel=\"nofollow noopener\" title=\"https:\/\/www.bnnbloomberg.ca\/markets\/oil\/2026\/04\/17\/oil-prices-drop-more-than-10-and-us-stocks-soar-after-iran-reopens-the-strait-of-hormuz\/\">On Friday, oil prices dropped back<\/a> to where they were in the early days of the Iran war after Iranian Foreign Minister Abbas Araghchi said the Strait of Hormuz is open again for commercial tankers carrying crude from the Persian Gulf to customers worldwide.<\/p>\n<p class=\"c-paragraph\">McTeague said while the reopening of the strait is critical and welcome news, it\u2019ll take months to get the supply back up again.<\/p>\n<p class=\"c-paragraph\">\u201cThis is not a demand crunch. This is a supply crunch,\u201d he said, adding that the issue is very hard to fix.<\/p>\n<p class=\"c-paragraph\">\u201cThe reality is that we\u2019ve done very little in the way of paying attention to the lingering long-term effect of a supply shock on this scale.\u201d<\/p>\n<p class=\"c-paragraph\">McTeague says the war has resulted in the \u201cworst energy crisis\u201d the world has ever seen.<\/p>\n<p class=\"c-paragraph\">\u201cI think the full totality it hasn\u2019t been quite felt yet. We\u2019re going to still see a lot of shortages in the world despite what\u2019s happened,\u201d he said.<\/p>\n<p class=\"c-paragraph\">With files from CTV News\u2019 Stephanie Ha and The Associated Press<\/p>\n","protected":false},"excerpt":{"rendered":"Canadians for Affordable Energy president Dan McTeague says the Strait of Hormuz closure created a \u2018supply crunch\u2019 that&hellip;\n","protected":false},"author":2,"featured_media":611493,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[712,45,49,48],"class_list":["post-611492","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-apple-news","tag-business","tag-ca","tag-canada"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/611492","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=611492"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/611492\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/611493"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=611492"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=611492"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=611492"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}