Gas prices set to fall in southern Ontario

Just after they went up, gas prices are set to fall in southern Ontario.

On Wednesday, the price for a regular litre increased by seven cents, bringing it to $1.959 in most of southern Ontario, according to fuel price prediction website gaswizard.ca.

Premium also jumped by seven cents, bringing it to $2.259 in much of the region.

But now, prices are set to fall on Thursday, according to gaswizard.ca.

Many parts of southern Ontario will see the price of a regular litre drop by five cents, bringing it to $1.909.

Premium will also fall by five cents to $2.209.

Diesel will drop by two cents per litre in many places, bringing it to $2.069.

And an even bigger drop could be on its way.

Dan McTeague, the president of Canadians for Affordable Energy, said if reports are accurate that the United States and Iran are close to an agreement to end the war, gas prices could fall more than 10 cents on Friday.

Oil prices have seen a significant pullback Wednesday on those reports.

But McTeague warned that gas prices will remain elevated for months due to an oil shortage.