Gas Prices Set to Drop in the GTA
Residents of the Greater Toronto Area (GTA) can expect relief this week as gas prices are set to drop by five cents overnight following a ceasefire deal between Israel and Iran that took effect today.
According to Dan McTeague, President of Canadians for Affordable Energy, prices could fall back to nearly $1.30 per liter in the GTA and much of southern Ontario by Friday. Prices had previously spiked to 143.9 cents per liter amid concerns about oil supply disruptions from the Middle East after Israel attacked Iran on June 13.
McTeague noted that only 20 to 25 per cent of the global oil supply comes from that region, which helped limit the long-term impact. He added that the reaction from energy markets was more severe during the Russia-Ukraine war when prices in the GTA surged to 215.5 cents per liter.
“Traders took a moment to reassess,” McTeague explained, highlighting that oil prices jumped by $10 a barrel since June 13; however, they have now fallen by the same amount.
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