You’ve probably noticed that gas prices in Toronto have been on a wild ride lately. Tomorrow’s predicted drop of five cents per litre might be a welcome relief, but understanding why prices move the way they can save you more than just pocket change.

4 related posts

Predicted price for tomorrow: 190.9 cents/litre · Today’s gas price in Toronto: 195.9 cents/litre · Expected change: -5.0 cents/litre · Cheapest station today (Costco): 180.9 cents/litre · Average gas price in Ontario: 189.0 cents/litre

Quick snapshot

1Confirmed facts
2What’s unclear
  • Exact long-term impact of U.S.-Canada trade negotiations on pump prices
  • Whether price drops will continue after the predicted decrease
  • Effect of a potential ceasefire on global oil prices
3Timeline signal
4What’s next

Six key figures give a snapshot of today’s market: one pattern – prices are volatile, but tomorrow offers a rare dip.

Label Value
Current price (May 6, 2026) 195.9 cents/L (Stockr.net (daily 11 a.m. update))
Tomorrow’s prediction (May 7) 190.9 cents/L (GasWizard (30+ years analyst Dan McTeague))
Change from today -5.0 cents/L
Price one week ago 200.0 cents/L (example)
Price one month ago 210.0 cents/L (example)
Source Stockr.net, GasBuddy, CityNews

The pattern here shows consistent downward movement from last month, but the drop barely offsets long-term tariff-driven increases.

What’s the price of gas today in Toronto?

What is tomorrow’s predicted gas price?

  • En-Pro predicts GTA gas prices will fall 5 cents per litre at 12:01am on May 7, 2026, to an average of 189.9 cents/litre (CityNews Toronto (local news outlet)).
  • GasWizard forecasts Toronto regular gas at 190.9 cents/litre (-5¢) on Thursday May 7, 2026 (GasWizard (30+ years analyst Dan McTeague)).
Bottom line: Both major forecasters agree on a 5-cent drop overnight. Drivers who fill up after 6 p.m. on May 6 will grab the lower price.

Are gas prices going up tomorrow in Ontario?

  • Tomorrow’s predicted price is 190.9 cents/L – a drop from today’s 195.9 cents/L (Stockr.net (daily 11 a.m. update)).
  • Gas prices in Ontario typically change at midnight; the midnight change will bring the decrease.

The implication: this rare drop is a window for savings, but drivers should not expect sustained relief given the tariff backdrop.

The upshot

Drivers in Toronto face a rare 5-cent drop tomorrow, but volatility remains high. The best move: fill up after the midnight change.

Why is Canadian gas going up?

Will gas prices go up after tariffs on Canada?

  • U.S. tariffs on Canadian crude oil, announced in March 2025, contribute to price increases (CP24 (local news broadcaster)).
  • Global oil market volatility and OPEC decisions affect prices; 20% of the world’s oil supply is at risk from Strait of Hormuz closure, per GasBuddy analyst Matt Mlan (CP24 YouTube (analyst interview)).

Will gas prices go down with a ceasefire?

  • Ceasefires in major oil-producing regions can lead to lower crude costs, but the effect on Toronto pump prices is uncertain.
  • Analysts note that sporadic pricing fluctuations make predictions interim and subject to revision (CityNews Toronto (local news outlet)).

Why are Canadian gas prices so weird?

  • Canadian gas prices are higher than U.S. due to higher taxes, retail margins, and regional differences – not just crude oil costs.
  • Ontario’s gas tax is partly fixed; combined federal/provincial taxes add about 35 cents per litre.
Bottom line: Tariffs and geopolitical risks push prices up, but a ceasefire or easing tensions could reverse the trend. For now, drivers should expect continued volatility.

What time do gas prices drop in Toronto?

Is buying gasoline after 6 p.m. cheaper?

  • Many stations in Ontario adjust prices after 6 p.m. to match the next day’s forecast – so filling up in the evening can lock in tomorrow’s lower price.
  • GasWizard provides 2-3 day sneak peek forecasts for strategic filling (Canadians for Affordable Energy (consumer advocacy group)).

How can I find tomorrow’s price before filling up?

For those considering alternatives, Union Station Bus Terminal Toronto: Location & Directions can help plan transit routes.

The catch: even with timing strategies, the long-term trend shows Toronto drivers paying a structural premium that timing alone cannot fully offset.

Which country has the highest gas prices in the world?

How do Toronto gas prices compare to the U.S.?

  • Canadian gas prices are significantly higher than U.S. due to higher taxes and distribution costs.
  • Vancouver has highest Canadian regular gas price at 223.9 cents/L among tracked cities; Thunder Bay lowest at 180.9 cents/L (Canadians for Affordable Energy (consumer advocacy group)).

Why are Canadian gas prices so much higher than in the United States?

  • European countries generally have higher prices than Canada; Hong Kong consistently has the highest globally.
  • Taxes, refining costs, and retail margins explain the gap – not just crude price.
Why this matters

Toronto drivers pay more than Americans but less than Europeans. Understanding the tax breakdown helps explain why price drops are smaller here.

What factors influence gas prices in Toronto?

How are gas prices in Toronto determined?

  • Gas prices are based on crude oil costs, refinery margins, distribution, and taxes.
  • Ontario’s gas tax is partly fixed and partly subject to change; the province’s tax adds about 14.7 cents per litre.

What role do taxes and refining costs play?

Bottom line: Toronto drivers pay a premium due to taxes and regional refiner margins. The good news: tomorrow’s drop offers a rare chance to save 5 cents per litre.

Timeline signal

  • March 2025: U.S. announces tariffs on Canadian crude oil
  • April 2025: Toronto-area gas prices begin to rise due to tariff effects
  • May 6, 2026: Price reaches 195.9 cents/L (Stockr.net (daily 11 a.m. update))
  • May 7, 2026 (predicted): Price drops to 190.9 cents/L (GasWizard (30+ years analyst Dan McTeague))
  • Ongoing: Global oil supply uncertainties (OPEC, ceasefire negotiations)

What we know and what remains unclear

Confirmed facts

  • Tomorrow’s predicted price of 190.9 cents/L (based on market data from Stockr.net (daily 11 a.m. update) and GasWizard (30+ years analyst Dan McTeague))
  • Gas prices change at midnight in Ontario

What’s unclear

  • Exact long-term impact of ongoing U.S.-Canada trade negotiations
  • Whether price drops will continue after the predicted decrease
  • The effect of a potential ceasefire on global oil prices

Expert perspectives

“The wholesale market is indicating a five-cent drop overnight.”

— Dan McTeague, president of Canadians for Affordable Energy and Gas Wizard analyst (GasWizard (30+ years analyst))

“Toronto-area gas prices are rising Friday due to seasonal demand and refinery maintenance.”

— CTV News report via CityNews Toronto (local news outlet)

Summary

Toronto drivers are looking at a 5-cent per litre drop tomorrow, but the relief may be short-lived. With tariffs, Middle East tensions, and daily wholesale shifts, the pattern is clear: fill up after the midnight change on May 7 to lock in the lowest price. For Toronto drivers, the choice is simple: fill up after 6 p.m. tonight, or gamble on tomorrow’s number.

For a detailed gas price forecast and the best times to fill up, detailed gas price forecast offers a comprehensive overview.

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Frequently asked questions

Is it cheaper to buy gas on weekends in Toronto?

Typically no – weekends often see higher demand and prices. Mid-week, especially Tuesday through Thursday, tends to be cheaper.

How accurate are gas price predictions from Gas Wizard?

Gas Wizard relies on 30+ years of market data from Dan McTeague and has a strong track record for short-term forecasts, but predictions remain interim and subject to change.

What is the gas tax in Ontario and how much does it add per litre?

Ontario’s provincial gas tax is about 14.7 cents per litre, plus the federal excise tax of 10 cents per litre and HST. Combined, taxes add roughly 35-40 cents per litre.

Can I save money by driving to a Costco gas station?

Yes – Costco often has the cheapest prices in Toronto, sometimes 10-15 cents below the average, but you need a Costco membership.

Do gas prices drop after a public holiday?

Not consistently – some holidays see increased travel demand, while others see temporary dips. Check GasWizard or GasBuddy for specific date predictions.

How do I find the cheapest gas station near me in Toronto?

Use GasBuddy’s map feature or the GasWizard app to compare prices at stations near you in real time.

What is the typical price difference between Toronto and Mississauga?

Mississauga is often 1-3 cents per litre cheaper than Toronto, due to lower local taxes and competition. Use GasBuddy to check specific stations.