BUSINESS

Toronto Gas Prices Continue To Drop

04/05/2013 04:56 EDT | Updated 06/05/2013 05:12 EDT
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Torontonians have seen prices at the pumps fall more than two cents in the past week and, according to observers, prices will continue to drop.

The average price in Toronto according to the website Tomorrow's Gas Prices Today, a Canadian gas price aggregate site, is 128.6 cents per litre. Also, the site forecasts that prices will continue to fall throughout next week.

Roger McKnight, a senior petroleum analyst with En-Pro International, an industrial commodity price specialist firm, also said that this downward trend will continue.

"The oil companies made all their money this time around in the first quarter. When you see the downstream results for the first quarter for the oil companies in 2013, they'll be astounding. That's because they hit the gasoline consumer earlier in the year rather than later," said McKnight.

McKnight said that the end result is a public relations boost for gas companies. And, according to him the pump prices will not go above 130 cents per litre all summer.

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