Planning on driving anywhere this weekend? Then it may be the cheapest trip you've taken in ages.
Speaking to NEWSTALK 1010 Saturday, Dan McTeague, GasBuddy.com's senior petroleum analyst, confirmed prices would fall to 105.9 cents per litre by early Sunday morning.
"If you wait until the afternoon here in the GTA, a good number of stations - maybe 30 or 40 per cent of them - will be well below a dollar a litre," McTeague said, adding that the last time we saw prices this low was June 25, 2017.
The main reason for the drop is the collapse of crude oil prices. Whereas just over a month ago, crude was sitting at about $76 per barrel, now it's falling below $50, meaning the cost of refining gasoline is much cheaper.
"Of course it helps that since September the 15th, we are using the cheaper-to-make winter blends of gasoline, and of course, the Ford government had dropped carbon taxes - the Cap and Trade - which amounts to almost five cents a litre," McTeague explained, saying all the factors are aligning to make gas much more affordable.
So just how long will this trend continue?
"The markets are decidedly negative on crude for now," McTeague says. "There's a belief that there's a glut of oil - an overhang - much of it due to the fact that many believe that the U.S. is serious about sanctions on Iran."
He said he doesn't anticipate there will be any changes until December 6, when OPEC meets and there's a slight possibility that production in crude will be cut back.
"We could be seeing a very early gift for Christmas in the form of much cheaper prices," McTeague added, saying this could result in as much as $200 to $300 in savings for some drivers.
The only guarantee is that prices will rise 5.3 cents per litre on January 1, when the federal Liberals reimpose a carbon tax on Ontario motorists.