Gas prices expected to reach a low in Toronto not seen since 2003

Gas prices have been falling in Toronto (and all over the country) for quite some time now, and they're expected to decrease once again overnight tonight to reach an average of 65.9 cents/litre across the GTA.

According to 680 News, En-Pro predicts the average price will fall 8 cents at midnight tonight. 

Gas price in Toronto today and it will go down further in early afternoon at this location (3 more pennies) #gasprices #StayAtHome #QuaratineLife #COVIDー19 #TOpoli pic.twitter.com/s5R3ke5fLD

— jafarmirsalari (@jafarmirsalari) March 23, 2020

When was the last time gas prices were this cheap, you may ask?

According to Statistics Canada, the last time gas prices fell below 66 cents/litre in Toronto was in July of 2003, when the average price was 65.8 cents/litre. 

Oil prices have been steadily falling for a while now due to two factors: less demand due to the COVID-19 outbreak and an all-out price war between Russia and Saudi-Arabia. 

That gas price in Toronto tonight though. pic.twitter.com/i6Xw96uERh

— Devin Heroux (@Devin_Heroux) March 20, 2020

In early March, talks between the Organization of Petroleum Exporting Countries and its allies broke down — ending the cooperation between Saudi Arabia and Russia that has supported oil prices since 2016 and leading to an all-out price war between the two countries. 

As a result, the global standard oil price dropped dramatically.

So while now may seem like a good time to fill up considering the wildly low gas prices across the GTA, don't forget to listen to public health officials and stay home as much as possible to help curb the spread of COVID-19.