Get ready to rejoice, Toronto! If you've been feeling the pinch at the pump, the wait is over. This weekend promises a price drop that you won't want to miss.

Gas Price Decline

Starting Saturday, April 5, gas prices in Toronto and the Greater Toronto Area (GTA) are projected to plummet by seven cents, landing at an astonishing 132.9 cents per litre at most stations. This marks the lowest rate we've seen since the winter of 2021!

Reason for the Drop

The recent decline in gasoline prices across Canada is largely attributed to the substantial reduction of the consumer carbon charge, which recently dropped from 17.6 cents per litre to zero. This pivotal shift comes as a result of new Prime Minister Mark Carney’s bold move to eliminate the carbon charge, a policy that had been progressively increasing since its introduction in 2019.

Recent Price Changes

Before these changes, gas prices in Toronto skyrocketed to 156.9 cents a litre on Monday, only to tumble to 136.9 cents by Tuesday. Over the past few days, many gas stations have settled at around 138.9 cents per litre, but avid drivers are eager for the weekend to cash in on these lower rates.

Consumer Savings Forecast

The Canadian Fuels Association forecasts that abolishing the carbon tax could save consumers over $500 each year, a welcome relief for many households already grappling with rising living costs. However, it's worth noting that while most provinces are enjoying lower prices, Quebec continues to enforce a carbon levy via its cap-and-trade system.

Canada Carbon Rebate

But that's not all! Alongside these price changes, the final Canada Carbon Rebate for those filing their 2024 tax returns will begin to roll out starting Tuesday, April 22. For diligent filers submitting before the deadline, this financial relief may provide additional gas money in the near future.

Conclusion

So, buckle up and head to the pump this weekend—these historic low prices could be a game-changer for your wallet! Don’t forget to share this news with friends and family so they can take advantage of these incredible savings too!