Ontario gas prices set to hit four-year low as tariffs rattle global markets

Gas prices are expected to drop to the lowest they’ve been since 2021 this weekend.

Dan McTeague with Canadians for Affordable Energy is predicting prices will fall 10 cents per litre on April 5, and continue with another three to five cent drop by April 6.

While this is a short-term win for many Ontarians feeling pinched in their pocketbooks, McTeague cautiously warns lower gas prices could be a result of market collapse following U.S. President Donald Trump’s latest round of global tariffs.

“Unless something changes radically, we’re going to be seeing a lot less demand, potential for recession, job dislocation and business not investing the way it once did,” he said in an interview.

“That’s one of the reasons why the energy markets shed the equivalent of about 10 cents per litre.”

Looking ahead, McTeague said lower gas prices should last a while, but might inch back up once gas providers switch from winter to summer gasoline.

Whether this will impact Canadians’ travel plans depends on the larger economic picture.

“Summer driving may be accelerated a little bit because it’s cheaper to travel this year than it was last year,” he added.

“We haven’t seen these kind of prices since April 2021 […] but that may not be enough to outweigh the fact that many people may be suffering from short term job loss, or a draw down on economic activity. Some people will be able to take advantage of these lower prices. Many, however, will not.”

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