The Ontario government cut the gas tax by 5.7 cents per litre until the end of the year, though Premier Doug Ford said he would consider an extension if inflation remains high.
Gas prices in Toronto are up nearly 40 per cent since the start of the year, reaching a record high $2.15 per litre in early June before ending the month around $2.00 per litre. He usually puts $60 in the tank to make his near-daily commute to the Niagara area. On Friday, he opted to try a $40-fill-up.
Hermain Kazmi called the tax cut a move in the right direction as he pumped gas into his car. He said high gas prices recently pushed him to use more public transit, but he expected to return to his previous driving habits if prices came down. The soaring price of gas, a key driver of inflation, is tied to an increased demand for oil as the economy reopens after the COVID-19 pandemic. The situation has also been exacerbated by a global supply crunch caused in part by Russia's invasion of Ukraine.
How long before the oil companies get it back to the old price?
Still quite a few stations (Esso, petrocanada, Shell) in Mississauga refusing to lower prices from yesterday's level. Perhaps they have no gas to sell.
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