By Bellow Sani l May 21, 2026
Drivers across Toronto and the Greater Toronto Area (GTA) are expected to see significant relief at fuel stations on Friday as gas prices are projected to fall by eight cents per litre, marking the lowest prices recorded in the region since early May.
According to Roger McKnight, chief petroleum analyst at En-Pro International, the anticipated decrease will bring average gasoline prices in Toronto and the GTA down to approximately 183.9 cents per litre at most stations beginning Friday morning.
The sharp decline follows weeks of volatility in fuel prices driven by international oil market instability, refinery output fluctuations, and geopolitical tensions affecting global crude supply chains. Earlier this month, gas prices surged sharply across Ontario, with some stations reaching their highest levels since 2022.
Recent increases in gasoline prices were also linked to the ongoing Middle East crisis and fears surrounding disruptions to oil shipments through strategic waterways, including the Strait of Hormuz. Analysts say easing concerns in global oil markets have contributed to the latest decline at Canadian fuel pumps.
CityNews historical fuel data reportedly shows that Toronto-area motorists last saw similar prices on May 8 and May 9 before a series of rapid increases pushed gasoline costs higher throughout the month.
Despite the projected drop, analysts caution that the relief may be temporary because fuel prices remain highly sensitive to geopolitical developments, refinery production levels, seasonal fuel demand, and currency fluctuations. Some experts have warned that prices could rise again during the summer travel season when demand traditionally increases.
The recent fuel price fluctuations have also had broader economic consequences across Canada. Statistics Canada recently reported that rising gasoline prices contributed significantly to the country’s inflation rate climbing to 2.8 percent in April 2026, increasing transportation and living costs for many Canadians.
Many Toronto residents have continued expressing frustration online over repeated swings in fuel prices, with some motorists arguing that temporary price reductions often disappear within weeks due to seasonal adjustments and global market instability.