Gas prices hit year-low in K-W

A fire sale at the pumps Friday afternoon brought gas prices down even further with drivers looking to take advantage of year-low prices.

Gas prices have been dropping all week, and on Friday, a one-day sale organized by Circle K saw customers at select stations benefit from an additional 10-cent drop per litre.

According to fuel expert Dan McTeague, this recent drop in prices is the product of an unsteady market.

McTeague says several global factors, from concerns about a recession to rising interest rates and COVID-19 lockdowns in China, are all contributing to the lower prices.

He expects they'll stay this low until at least the third week of January

Several drivers filling up told CTV News they didn't even need gas, but they thought it was a good idea to top up while it was so cheap.

“I was really surprised. I thought it was really amazing when I came by. I was just at another place, and it was $1.35, and here it is a $1.25,” said driver Cheryl Hamilton.

Experts say since Nov. 10, prices have dropped around 35 cents a litre, meaning a trip to the pumps for a 40-litre fill-up is now $14 cheaper.

“We’ll welcome as low as it can get, and it’s definitely better than when it was up past two dollars a litre back in spring. It was ridiculous,” said Erik Glasfor.

Heather Kocsis, who was getting gas, told CTV News she saw the price while driving from Cambridge and thought to herself how awesome it was.