Gas Prices In Montreal Are Finally Going Down After Some Serious Stagnation
A 12-cent drop is forecast for diesel. ⛽
Montreal motorists are getting a belated holiday gift — the cost of gas is finally on the decline after going up and stalling for several weeks.
Prices at the pump are expected to drop by at least 4 cents on Thursday and another , according to price monitor GasWizard, and could continue trending downward, thanks to a fall in wholesale oil prices.
That puts the average price for a litre of unleaded at $1.61. The cost of diesel is predicted to decrease by around 12 cents, hitting $2.20/litre on average.
\u201c\u26fd\ufe0f Price \ud83d\udea8: #GasPrices to fall 4 cts/l Thursday to 145.9 while Diesel dips 12 cents. Drops affect most of Ontario including #Toronto #GTA #Ottawa #Kitchener #Hamilton #LdnOnt #Barrie #Niagara #Windsor #Kingston and even #Mtl \nhttps://t.co/O1gQlGIrWw\u201d— Dan McTeague (@Dan McTeague) 1672807154
"Continuing improvement in refinery capacity will help alleviate gasoline and diesel prices, though high levels of uncertainty remain amidst Russia’s ongoing war on Ukraine and continuing economic concerns," according to Gas Buddy expert Patrick De Haan.
The wholesale price of oil dropped at the start of the new year, following a spike in demand (and costs) around peak holiday time.
\u201cThe jump in average #gasprices in the last week looks like it could be somewhat short-lived with oil and wholesale prices taking a big drop today.\u201d— Patrick De Haan \u26fd\ufe0f\ud83d\udcca (@Patrick De Haan \u26fd\ufe0f\ud83d\udcca) 1672767856
The next eight weeks will be telling when it comes to gasoline price trends in the short term, said De Haan.
"Extreme amounts of volatility remain possible, but should become slightly more muted in the year ahead. I don’t think we’ve ever seen such an amount of volatility as we saw [in 2022], and that will be a trend that likely continues to lead to wider uncertainty over fuel prices going into 2023," he said.
Gasoline costs are forecasted to start rising by late February and early March, but this year's highest prices are unlikely to hit before June.