Here's when Waterloo region gas prices will drop to the lowest level of 2022

Drivers can expect to find some reprieve at the pumps as gas prices across Waterloo region are expected to dip in the coming days.

After dipping a few cents per litre earlier this week, the price of gas is expected to drop another five cents by Friday, according to Dan McTeague with Canadians for Affordable Energy.

According to McTeague, Friday’s price will the lowest since Dec. 9, 2021, and will mark an 80-cent-a-litre drop since the highs seen in June.

McTeague said the next drops could put the price at some stations in Waterloo region at around $1.31 per litre.

Tomorrow's expected price will also mark an almost 90 cent drop since the peak in June when gas was well above two dollars a litre.

"Three cents on forty litres for a lot of people won't be a big deal, $1.20 or so, but over time, if you consider where we were in June, $2.15 a litre, we're now $1.30,” said McTeague. “That savings of 85, 90 cents a litre on someone using 40 litres is about $35 a week.”

He added: “That pays for a lot of those higher grocery bills that we've been forced to pay over the last few months."

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

One Waterloo region resident told CTV News with everything getting more expensive, it gives a big peace of mind when your gas bill is lower each time, and it makes a big difference with Christmas coming around.

⛽️ Price 🚨: After falling 2 cents Thurs #GasPrices to FALL 3 cents Friday to max. of 135.9 for all S. #Ont including #Toronto #GTA #Kitchener #Ottawa #Hamilton #LdnOnt #Barrie #Windsor #Niagara #Kingston
Lowest since Dec 7/21 #Montreal falls to 151.9 https://t.co/O1gQlGIrWw

— Dan McTeague (@GasPriceWizard) December 7, 2022

This represents upwards of $32 saved at the pump based on a 40-litre fillup.

According to Natural Resources Canada, the daily average retail price for gasoline in Kitchener on Wednesday was $1.40.7 per litre, slightly lower than the $141.1 average price seen in Toronto.

In comparison, the average price in Canada on Wednesday was $1.29.8.

Kitchener residents have seen a significant drop already seen this month, with Kitchener prices averaging $1.46.4 per litre on Dec. 1.

The data from Natural Resources Canada shows the average regular gasoline prices in Kitchener peaked in early June when prices reached $2.14.8 per litre. The prices stayed fluctuated between $2.14.8 and $2.12.4 for a week before tapering off.

An Esso gas station in Cambridge on Dec. 5, 2022. (Dan Caudle/CTV News Kitchener)

The first entry by Natural Resources Canada for 2022 shows the average retail price of gas in Kitchener on Jan. 3 was $143.7.

On Wednesday, gas prices at some stations dipped into the low $1.30s mark, with an Esso in Cambridge advertising gas for $1.31.6 per litre.

According to the Canadian Automobile Association (CAA), across Cambridge, Kitchener and Waterloo the highest average price in the past month was $172.4 per litre, while the lowest average price in the past month was $1.37.9.

The automobile association’s data also shows the region’s highest average price in the past year was $2.12.9 per litre, and the lowest average price over the year was $1.33.2 per litre.