GTA Gas Prices: Drivers will get some relief with average cost at the pump set to drop below $2 a liter on Sunday

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Gasoline will fall below $2 a liter for the first time in weeks on Sunday, providing relief to motorists as the busy summer driving season begins.

Dan McTeaque, who is president of Canadians for Affordable Energy, says the average cost of a liter of fuel in the GTA is expected to rise by a penny from tomorrow to 204.9 cents per litre.

But on Sunday, McTeague says there will be a five-cent drop that will bring the average cost of a liter of fuel below the $2 mark for the first time since late May.

Gasoline prices will then stay below $2 a liter until at least Tuesday, McTeague says.

It is the latest in a series of price cuts that have come after the average price per liter of fuel hit a record high of 215.9 cents last weekend.

“Whenever there are good jobs numbers or very high inflation rates in the United States and Canada, the market reaction is that this will inevitably lead to higher interest rates. higher interest rates, the perception is that it will weaken demand for everything,” McTeague told CTV News Toronto this week. “The bottom line is that I don’t expect prices to recover. There are a lot of shocks in the market right now.”

Gasoline prices have risen about 33% since last June, when the average cost of a liter of fuel peaked at 149.9 cents per litre.

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