Gasoline will dip below $2 a litre for the first time in weeks on Sunday, providing some relief to motorists as the busy summer driving season gets underway.
Dan McTeaque, who is the president of Canadians for Affordable Energy, says that the average cost of a litre of fuel in the GTA is set to increase by a penny as of tomorrow to 204.9 cents per litre.
But on Sunday, McTeague says that there will be a five cent drop which will bring the average cost of a litre of fuel under the $2 threshold for the first time since late May.
Gas prices will then remain below $2 a litre until at least Tuesday, McTeague says.
It’s the latest in a series of price drops that have occurred in the wake of the average price of a litre of fuel reaching a record 215.9 cents last weekend.
"Every time there are good job numbers or very high inflation numbers in the United States and in Canada, the response by markets is that this will inevitably bring higher interest rates. With higher interest rates, the perception is it'll weaken the demand for everything," McTeague told CTV News Toronto this week. “"The bottom line is that I don't expect prices to recover. There is a lot of shock in the market right now."
Gas prices have risen about 33 per cent since last June when the average cost of a litre of fuel peaked at 149.9 cents per litre.
