Falling gas prices a gift that won’t keep on giving: anaylst
It was an early holiday celebration for motorists at some London, Ont. gas pumps Friday morning.
Primarily in the south and east end of the city, the price for a litre of gasoline fell to $1.25.
The temporary three-hour drop was prompted by a promotion at one service station that lowered its price for regular fuel by 10 cents a litre.
Within minutes most competing stations followed suit.
“It hasn’t been this low in over a year now,” exclaimed Carson Bollert as he filled up.
Londoner, Shari Boland, was also pleasantly surprised.
“I was really shocked. I was dropping my grandson off at school and I said, “Well, I’ve got to come in today.”
And with a growing list of grandchildren, the savings to fill up her minivan is substantial.
“This saves quite a bit, especially with a new granddaughter just arrived it’s going to make a big difference.”
That is especially true for drivers of larger gas vehicles.
Al Sater was happy to get a lower price as he recalled what he paid for gas in mid-June when prices peaked at $2.15 per litre.
“Almost $200, or $190, something like that”.
But at Friday's rate, he paid just over $100 to fill up.
At current prices, even small car drivers are saving $30 to $40 a fill-up, concedes a national gas price analyst.Jordan Vanderboor fills up gas cans during a temporary gas promotion. The price fell to $1.25 at some stations in London, Ont., on Friday, Dec. 9, 2022. (Sean Irvine/CTV London)
But Dan McTeague of GasWizard.ca cautions it is a Christmas gift that will not last into the new year.
McTeague predicts prices will jump well above $1.50 in late January and “skyrocket” from there.
“They are going to go back to $2.00 a litre and they are going to stay there, and there is nothing to hold them back.”
Perhaps this might be why some were filling up gas cans Friday.
Unfortunately, it is a futile tactic for those driving diesel vehicles.
With supply chain needs keeping diesel prices high, most drivers know their pain at the pumps is not going away.
“And it won’t”, shares McTeague. “Diesel is in short supply”
“I think the government should subsidize diesel more to lower the prices of groceries etc.”, shared one diesel driver while filling up. "Because people are poor, and it is not good,” he added.
But another driver put it back on the oil and gas companies.
He says if stations can afford promotions, they can afford to permanently drop prices.
“If they got the room and money to lower it by 10 cents for a few hours, that tells me maybe they’re making a little too much.
CTVNews.ca Top Stories
There's actually no such thing as vegetables. Here's why you should eat them anyway
The rumours are true: Vegetables aren't real — that is, in botany, anyway. While the term fruit is recognized botanically as anything that contains a seed or seeds, vegetable is actually a broad umbrella term.
'It looked so legit': Ontario man pays $7,700 for luxury villa found on Booking.com, but the listing was fake
An Ontario man says he paid more than $7,700 for a luxury villa he found on a popular travel website -- but the listing was fake.
The Met Gala was in full bloom with Zendaya, Jennifer Lopez, Mindy Kaling among the standout stars
The Met Gala and its fashionista A-listers on Monday included Jennifer Lopez, Zendaya and a parade of others in a swirl of flora and fauna looks on a green-tinged carpet lined by live foliage.
Israeli forces seize Rafah border crossing in Gaza, putting ceasefire talks on knife's edge
Israeli tanks seized control of Gaza's vital Rafah border crossing on Tuesday as Israel brushed off urgent warnings from close allies and moved into the southern city even as cease-fire negotiations with Hamas remained on a knife's edge.
Canadian cadets rock mullets and place second at U.S. military competition
Sporting mullets, Canadian Armed Forces officer cadets placed second in an annual military skills competition in the U.S.
Highlights from the 2024 Met Gala exhibit: Sleeping Beauty would wake up for these gowns
Sure, she was a royal princess and all. But there’s no way Sleeping Beauty — either before or after her nap — ever had quite the fabulous wardrobe that’s been assembled at the Metropolitan Museum of Art.
Noelia Voigt resigns as Miss USA, citing her mental health
Noelia Voigt, who was crowned Miss USA in November 2023, has announced she is resigning from her role, saying the decision is in the best interest of her mental health.
Putin begins his fifth term as president, more in control of Russia than ever
Vladimir Putin began his fifth term Tuesday as Russian leader at a glittering Kremlin inauguration, setting out on another six years in office after destroying his political opponents, launching a devastating war in Ukraine and concentrating all power in his hands.
Winnipeg man admits to killing four women, argues he's not criminally responsible
Defence lawyers of Jeremy Skibicki have admitted in court the accused killed four Indigenous women, but argues he is not criminally responsible for the deaths by way of mental disorder – this latest development has triggered a judge-alone trial rather than a jury trial.