Did you notice the recent downward trend in gas prices in Toronto—and across Canada in general? Ever since the Liberal government decided to remove the consumer carbon tax on gas, prices have been trending downward. In fact, despite periods of significant volatility, the price of gasoline in Toronto has dropped by 26.7 cents per litre (from 165.6 to 138.9) over the past two years—and even more in some areas.
Let’s take an average car with a 60-liter tank. Back in 2023–2024, it would have cost close to $100 to fill it up ($1.65 × 60 liters). Today, with the average gas price hovering around $1.25 to $1.30, the same car would cost about $75 to fill—an impressive difference of approximately $25. Now, imagine someone with a long commute who fills up at least once a week: that translates into savings of roughly $100 a month, or $1,200 a year.
That’s a significant amount of money. Yet, many people may not even notice these savings—or better yet, haven’t paused to think about what to do with them. Are you simply spending this newfound money as if it was never yours to begin with, just because you had grown used to spending it on gasoline? Or have you stopped to consider that this is money you previously didn’t have, and that it might be wise to save it? You could even get a bit motivational and think of it as a small raise in your salary or wages—or better still, as modest income from a side gig!
Of course, there is no guarantee that gas prices will remain at these levels. As we’ve seen over the years, oil and gas prices can be highly volatile. This should be even more of an incentive to save the money you’re currently keeping from lower pump prices, because you never know when prices will surge again—and these savings could quickly become a thing of the past.