London-area drivers who can hold off filling their gas tank until Friday are being advised to do so.
Relief from the soaring cost of fuel is expected at the pumps at midnight when the price is projected to drop 15 cents a litre.
The one-day decrease will bring the price for a litre down from a record high $1.90.9 to $1.75.9, according to Dan McTeague, president of Canadians for Affordable Energy.
The cost of gas has been steadily going up since mid-February, when Russia began its invasion of Ukraine driving up the price of crude. Canada and the U.S. have both banned imports of Russian crude oil as a result of the conflict which has led to supply concerns. The cost of a barrel of oil hit $140 U.S. earlier this week, the highest it has been since 2008.
In the past month, the price for gas per litre across much of southwestern Ontario has gone up by approximately 30.1 cents. At this time last year, the average price at the pumps was $1.19.8 per litre.
Gas prices are expected to remain high heading into spring, with no indication when markets will become less volatile. McTeague has even projected prices over $2 a litre in April.
To see where the cheapest fuel is in London and the surrounding-area, visit LondonNewsToday.ca’s gas prices page by clicking here.
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Same drop for #Montreal and most of #Quebechttps://t.co/O1gQlGIrWw— Dan McTeague (@GasPriceWizard) March 9, 2022
