{"id":956502,"date":"2026-11-03T08:12:11","date_gmt":"2026-11-03T08:12:11","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/956502\/"},"modified":"2026-11-03T08:12:11","modified_gmt":"2026-11-03T08:12:11","slug":"cost-of-fuel-gas-diesel-to-drop-by-11-cents-in-the-gta-this-week","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/956502\/","title":{"rendered":"Cost of fuel: Gas, diesel to drop by 11 cents in the GTA this week"},"content":{"rendered":"

CP24’s Andrew Brennan explains how the situation in the Strait of Hormuz and the U.S. midterm election outlook are impact the price of gas in Canada. <\/p>\n

The cost of fuel will be lowest the Greater Toronto Area has seen in more than two months this week, a gas price analyst predicts.<\/p>\n

On Wednesday, the price of both gasoline and diesel is expected to fall 11 cents a litre, to 167.9 and 235.9 respectively, says Dan McTeague, of Canadians for Affordable Energy.<\/p>\n

He said the last time drivers would have seen gas at 167.9 a litre was on Aug. 9, while diesel, at 235.9 a litre, hasn\u2019t been seen since Sept. 2.<\/p>\n

\"\"Dan McTeague President of Canadians for Affordable Energy Dan McTeague is shown in a Zoom interview with CTV News. (CTV News) <\/p>\n

\u201cThe drop comes on optimism over a deal that would see shipping traffic resume in the Straits of Hormuz, while some speculate tomorrow\u2019s U.S. midterms could see a speedier resolution to the conflict in the Middle East,\u201d McTeague said in an email to CP24.<\/p>\n

\u201cLonger term assessments on the direction of fuel prices remains up in the air as previous efforts have inevitably fallen short, causing prices to resume and test record levels.\u201d<\/p>\n

\u2018Some level of sanity\u2019<\/p>\n

Speaking with CP24 on Monday evening, McTeague said an 11-cent drop for both the cost of gas and diesel is something that doesn\u2019t happen very often and is an announcement he\u2019s happy to make.<\/p>\n

The gas prices analyst says the price of fuel has been fairly steady and elevated for the past few weeks, however a couple of factors are causing this expected price drop, which he said could last for some time.<\/p>\n

McTeague said it could save consumers $6 to $10 per tank of gasoline, depending on what type of fuel they are purchasing. <\/p>\n

The savings could be much more significant for truckers who buy diesel, especially in large quantities, he said. They could save in the range of $100 or more.<\/p>\n

\u201cThat kind of a decrease normally means within a few days it goes back up but I suspect that you know, greater news, that there might be actually a resolution in the Straits of Hormuz as well as caution coming out of what could be a very tumultuous midterm tomorrow,\u201d McTeague said.<\/p>\n

\u201cThat could have a real impact in terms of keeping prices down, at least bringing them back to some level of sanity as far as affordability is concerned.\u201d<\/p>\n

\"\"Dan McTeague, Bakari Savage Gas prices analyst Dan McTeague, left, chats with CP24’s Bakari Savage on Nov. 2. <\/p>\n

He added that while there have been many disappointments when it comes to fuel prices, he\u2019s optimistic that consumers are \u201ccoming to the end of this very long ordeal in which we\u2019ve seen energy prices go very high and remain there.\u201d<\/p>\n

\u201cI think definitely scales are tilted towards prices going down and staying down, perhaps another five or six cents a litre on top of the 11 cents a litre by the end of the week,\u201d predicts McTeague.<\/p>\n","protected":false},"excerpt":{"rendered":"CP24’s Andrew Brennan explains how the situation in the Strait of Hormuz and the U.S. midterm election outlook…\n","protected":false},"author":2,"featured_media":956503,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[712,45,49,48],"class_list":["post-956502","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\/956502","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=956502"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/956502\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/956503"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=956502"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=956502"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=956502"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}