Gas prices across Ontario are set to drop by 10 cents per litre, with average prices settling somewhere in the $1.50 to $1.60 per litre range across the Greater Toronto Area.
The price drop is triggered by a possible deal to reopen the Strait of Hormuz, a vital stretch of water that is home to roughly one-fifth of the world's oil and gas shipments.
U.S. President Donald Trump vowed on Tuesday evening that a deal to reopen the Strait of Hormuz could come as early as Wednesday, which has led to a decrease in gas prices.
Negotiators in Oman finalized a draft framework for temporary shipping lanes through the strait, although Tehran continues to officially deny direct negotiations with Washington.
The joint U.S.-Israeli operation against Iran's despotic regime began in late February, triggering months of high fuel prices and uncertainty in one of the world's most critical commodities markets.
Overall, fuel costs remain painfully higher than last year, with diesel hitting wallets even harder.
Canadians for Affordable Energy president Dan McTeague noted that governments continue to pocket windfalls from gas price-fuelled HST revenues, showing little incentive to deliver lasting relief to taxpayers.
McTeague also blamed green energy policies for driving costs higher, citing the need for lasting relief at the pumps for shippers and taxpayers alike.
