Toronto Gas Prices Today and Tomorrow: Current and Future Gas Prices in Toronto.

Updated on February 23, 2024

Explore the information on Toronto’s gas prices for today and tomorrow in this article. It covers various details about the current and future gas prices in Toronto, along with other essential information.

Tomorrow’s Gas Prices in Toronto

Gas prices in Toronto fluctuate regularly, and different gas stations within the same region may show slight variations. The cost of gas is influenced by several key factors, such as crude oil prices, rack price, taxes, and other important elements.

Currently, the average gas price in Toronto stands at 159 cents per litre, a rate that has remained unchanged since October 20. While there is a possibility that gas prices may alter tomorrow, it’s equally plausible that they might stay the same. Predicting the precise gas price for tomorrow proves challenging. The updated information on Toronto’s gas prices for tomorrow will be available at 12:01 AM on October 24.

Factors Influencing Gas Prices in Toronto

The amount someone pays for gas at their nearby service station can vary due to factors like the type of gas, taxes, station-set prices, location, and other considerations.

Various factors contribute to the fluctuation in gas prices:

  1. Price of Crude Oil: When the demand for crude oil rises and its supply decreases, gas prices tend to increase. The price of crude oil is determined by its demand, supply, and several other influential factors.
  2. Retail Margin: The difference between the acquisition cost and pump price, known as the retail margin, encompasses the retailer’s profit and the operational costs of the station.
  3. Taxes: Taxes are levied on every liter of purchased gasoline, significantly impacting gas prices. These taxes can be federal, provincial, or municipal, with variations between different provinces.
  4. Transportation Cost: The estimated cost of transporting gasoline to the station depends on the distance and can vary from city to city.
  5. Refining Margin: The cost of refining crude oil into various products, represented by the refining margin, fluctuates throughout the year and is the difference between rack price and crude oil price.
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In addition to these factors, other elements such as the status of oil and gas reserves, the value of the US dollar, refining capacity, geopolitical conflicts, seasonal changes, demand, and weather conditions can also influence gas prices.

To save on fuel costs, individuals can adopt practices like reducing speeds, smooth acceleration, regular vehicle maintenance, and utilizing public transportation or ride-sharing. While electric vehicles offer a solution to high gas prices, they may involve higher upfront costs.

Toronto Gas Prices Today and Tomorrow

Today’s gas price in Toronto is 156.9 cents per litre. Keep in mind that these prices may vary among local gas stations in Toronto. Additionally, various factors play significant roles in influencing gas prices in the city.

Explore Toronto’s Gas Prices –

Date Gas Price
October 23 156.9 cents per litre
October 22 156.9 cents per litre
October 21 156.9 cents per litre
October 20 156.9 cents per litre
October 19 152.9 cents per litre
October 18 151.9 cents per litre
October 17 151.9 cents per litre
October 16 151.9 cents per litre
October 15 151.9 cents per litre
October 14 147.9 cents per litre

Gradual Increase in Toronto Gas Prices: 151.9 Cents/Litre on October 15, 147.9 Cents/Litre on October 14

Certain gas stations in Toronto offer notably lower gas prices. These may include Taymall Ave (Costco), 2260 Islington Ave (Costco), 5900 Rodeo Dr (Costco), 8301 Sheppard Ave E (Shell), 9400 Hwy 27 (Mi Fuel), and others. Keep in mind that the prices at these stations might also vary tomorrow based on overall gas price fluctuations.

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History of Gas Prices in Toronto

Check the gas prices in Toronto in the previous months –

Month  Highest Lowest
September, 2023 173.9 cents per litre 155.9 cents per litre
August, 2023 173.9 cents per litre 166.9 cents per litre
July, 2023 170.9 cents per litre 156.9 cents per litre
June, 2023 163.9 cents per litre 154.9 cents per litre
May, 2023 166.9 cents per litre 147.9 cents per litre

There are two possible outcomes for Toronto’s gas price: it can either go up or down.  This information will be available tomorrow, and the changes will be notified (if any are made).

 

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