Drivers in the Greater Toronto Area could see more relief at the pumps later this week. Analyst Dan McTeague, the president of Canadians for Affordable Energy, says gas is set to drop nine cents a litre to 159.9 on Friday, while diesel will fall 14 cents per litre to 234.9. “In the aftermath of the U.S. Midterms, energy markets traded down oil and petroleum prices today, meaning drivers are about to enjoy even more savings at the pumps on Friday,” McTeague told CP24 on Wednesday evening. It follows Wednesday’s 11-cent drop at the pumps. In an interview with CP24 Wednesday morning, McTeague said markets were also indicating “some optimism over what’s happening in the Persian Gulf and the Strait of Hormuz.” “Silence on the geopolitical front means that we could be seeing another decrease,” he said. McTeague noted that the prices are still “substantially higher” than one year ago, when it was about 30 to 35 cents a litre cheaper and diesel was down about 80 cents a litre. “It is heading in the right direction,” he said. McTeague noted that the warmer than normal weather has also helped, as there is less use for diesel. “The pressure is off for a little bit at least for the foreseeable future,” he said.
