Gas and diesel prices in Greater Toronto Area to fall 11 cents per litre Wednesday Gasoline and diesel prices in the Greater Toronto Area are set to drop 11 cents per litre on Wednesday, bringing the lowest fuel costs in over two months, according to Dan McTeague of Canadians for Affordable Energy. Fuel costs across the Greater Toronto Area are poised to drop significantly this week, reaching their lowest levels in over two months. On Wednesday, the average price for both gasoline and diesel is anticipated to decrease by 11 cents per litre. According to this adjustment, regular gasoline is expected to fall to 167.9 cents per litre. Simultaneously, the cost of diesel is projected to drop to 235.9 cents per litre. These figures represent a notable reduction from recent averages in the region. Industry expert Dan McTeague, president of Canadians for Affordable Energy, provided specific historical context for these price movements.Historical Context For Toronto Fuel PricesHe noted that the 167.9 cent price for gasoline has not been observed in the Greater Toronto Area since August 9. Similarly, the diesel price of 235.9 cents per litre has not been recorded since September 2. This timeline highlights the duration of the recent price increases before this latest correction. The prediction was made on November 2, 2026, at 5:01 p.m. EST, according to the source text.McTeague provided the forecast in an email to CP24. The anticipated prices would mark the lowest fuel costs the Greater Toronto Area has seen in more than two months. The primary catalyst for this price decrease appears to be improved market sentiment regarding global shipping routes. McTeague attributed the drop to growing optimism surrounding a potential deal that would restore shipping traffic in the Straits of Hormuz.This strategic waterway is critical for global oil transport, and any threat to its stability typically drives up energy costs. Additionally, market observers are speculating that upcoming political events may influence conflict resolutions. Some analysts suggest that the U.S. midterms, occurring tomorrow, could lead to a speedier resolution to the ongoing conflict in the Middle East. This geopolitical anticipation is contributing to the current downward pressure on fuel prices.Hormuz Deal Optimism Drives Price DropMcTeague directly linked these two factors in his comments. He said the drop comes on optimism over a deal that would see shipping traffic resume in the Straits of Hormuz. He added that some speculate tomorrow's U.S. midterms could see a speedier resolution to the conflict in the Middle East. Despite the current decline, long-term forecasting remains uncertain and cautious.McTeague emphasized that assessments regarding the future direction of fuel prices are still unclear. Historical patterns indicate that previous efforts to stabilize or lower costs have often fallen short of expectations. These past failures have frequently resulted in prices resuming their upward trajectory. In his email, McTeague reiterated this cautious outlook.He said longer term assessments on the direction of fuel prices remain up in the air. He noted that previous efforts have inevitably fallen short, causing prices to resume and test record levels.Cautious Outlook On Long Term CostsConsequently, there is a risk that fuel costs could test new record levels once the current geopolitical optimism fades. Drivers should remain aware that this low may be temporary as market dynamics continue to evolve in response to international events. The expected decrease follows a period of rising pump prices that had burdened regional drivers. For those filling up on Wednesday, the savings will be immediate at the pump.However, the broader trajectory of fuel costs will depend on how global shipping and political developments unfold in the coming weeks.