Gas going down to almost the lowest price of 2022 in Mississauga and Brampton

Published September 2, 2022 at 7:42 am

Pack up the car — gas prices heading into the Labour Day holiday will be the lowest they’ve been since late February.

Prices dropped earlier this week and now the are expected to go even lower — good news for those with weekend road trips.

The average price in Brampton, Mississauga and Oakville is expected to drop two cents to 147.9 cents, according to Gas Wizard.

The national average retail price for regular gasoline on Thursday, according to Natural Resources Canada, was 161.1 cents per litre. The last time Canadians saw average gasoline prices in the $1.60 range was during the last week of February, just before the effects of Russia’s Feb. 25 invasion of Ukraine began to be felt at the fuel pumps.

Gasoline prices rose steadily after that, hitting a peak of 215.1 cents per litre in early June. It cost drivers more than $2 a litre, on average, to fill up heading into the Canada Day long weekend, and the August civic holiday wasn’t much better with average prices in the range of 180 cents per litre.

But prices have been declining steadily since August, in part due to the falling price of crude oil and also because of lower U.S. refining margins. On Friday, the October U.S. crude contract was trading at US$86.61 per barrel, its lowest level since late January.