If you don’t need to fill up your gas tanks soon, wait until Sunday to do so, according to an industry analyst.
Dan McTeague, the president of Canadians for Affordable Energy, says gas prices are expected to drop 7 to 8 cents a litre on Sunday.
“That’s when I’m likely to fill up the jerry cans that I’ll need for, hate to say it, the winter snowblower,” McTeague said in an interview with CP24.
“So, there’s a bit of relief on the way and has a lot to do with the potential that Europe may be releasing some of its emergency supplies of diesel, gasoline, and to a lesser extent oil.”
On Friday, G7 countries agreed to release 100 million barrels of diesel and crude oil from emergency reserves amid pressure from U.S. President Donald Trump.
Before the relief on Sunday, the price at the pumps will see another hike.
After a 7-cent increase on Friday, gas is expected to jump another 7 cents on Saturday, pushing the prices around 192 cents a litre in the GTA.
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“That’s an unexpected increase that we normally get this time of year, but of course we know as far as energy has been concerned since March, nothing is normal,” McTeague said.
He warned that the price rollback on Sunday will just be short-term, given that the conflict in the Middle East that has disrupted global supplies is still ongoing.
“It’s short-term gain or at least moderation of price for a much longer, more painful process,” McTeague said. “And I don’t think we’re going to get out of this for the next several months.”
