Gas prices expected to tumble, possibly dipping below $1

‘Take advantage of it while you can,’ says gas analyst

WATERLOO REGION — The fill-up forecast for Thursday is promising.

The price at local gas pumps will be around $1.10 per litre in the morning, predicts gasbuddy.com petroleum analyst Dan McTeague. Then, a big dip will arrive. By the afternoon, many stations will be selling gas for between $1.01 and $1.04 cents per litre, the former parliamentarian expects. A few stations could slide their price per litre below cost to 98 cents for regular unleaded.

“The last time we saw prices in this vicinity, you have to go back to October of 2017,” said McTeague in a phone interview on Wednesday afternoon as the average price per litre in Kitchener hovered at $1.11.

“So it’s been a full year and a month since we’ve seen prices this low.”

Energy markets were rattled on Tuesday. The price of crude oil tumbled seven per cent. Drivers can benefit at the pump.

“You’re looking at a fourcent net wholesale price decrease,” McTeague said. “That’ll put a lot of gas stations in a situation where they no longer have to pay more than 98 cents for a litre of gasoline at the top end.”

Back on Sept. 6, end-ofsummer gas prices peaked at $1.37.

Things will be much different on late Thursday afternoon.

“Gas stations here in Kitchener, Waterloo and Cambridge often discount that full margin of up to 10 or 11 cents a litre, especially in the afternoon,” McTeague said.

“So, the best time to buy and likely see under a dollar or at a dollar a litre of gasoline (Thursday) will be after six o’clock, after the supper hour.”

But don’t dawdle to the pumps. McTeague expects the price per litre to go up a cent on Friday as market traders snap up cheap prices for oil and gas. Prices could head back up by the end of the month, he said.

“Take advantage of it while you can.”