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
Grandparent scam: London, Ont., senior beats fraudsters not once, but twice
It was a typical Tuesday for Mabel Beharrell, 84, until she got the call that would turn her world upside down. Her teenaged grandson was in trouble and needed her help.
Deaths of 4 people on Sask. farm confirmed as murder-suicide
The deaths of four people on a farm near the Saskatchewan village of Neudorf have been confirmed a murder-suicide.
CRA no longer requiring 'bare trust' reporting in 2023 tax return
The Canada Revenue Agency announced Thursday it will not require 'bare trust' reporting from Canadians that it introduced for the 2024 tax season, just four days before the April 2 deadline.
Full parole granted to man convicted in notorious 'McDonald's murders' in Cape Breton
The Parole Board of Canada has granted full parole to one of three men convicted in the brutal murders of three McDonald's restaurant workers in Cape Breton more than 30 years ago.
Incident on Calgary's Reconciliation Bridge comes to safe resolution
Nearly 20 hours after a man climbed and remained perched on top of the Reconciliation Bridge in downtown Calgary, the situation came to a peaceful resolution.
Sunshine list: These were the Ontario public sector's highest earners in 2023
Ontario released its annual sunshine list Thursday afternoon, noting that the largest year-over-year increases were in hospitals, municipalities, and post-secondary sectors.
George Washington family secrets revealed by DNA from unmarked 19th century graves
Genetic analysis has shed light on a long-standing mystery surrounding the fates of U.S. President George Washington's younger brother Samuel and his kin.
'We won't forget': How some Muslims view Poilievre's stance on Israel-Hamas war
A spokesman for a regional Muslim advocacy group says Conservative Leader Pierre Poilievre's stance on the Israel-Hamas war could complicate his party's relationship with Muslim Canadians.
Why some Christians are angry about Trump's 'God Bless the USA' Bible
Former U.S. President Donald Trump is officially selling a copy of the Bible themed to Lee Greenwood’s famous song, 'God Bless the USA.' But the concept of a Bible covered in the American flag has raised concern among religious circles.