Gas Price Mechanism Change a Win For Consumers
If you are like me, you have always been interested in the price of gas and always fill up when the radio or internet website announces an imminent price drop at the pumps. You may make use of websites like TomorrowsGasPriceToday and TorontoGasPrices. Maybe you are tech savvy and have the Gas Buddy app on your smartphone to sort the lowest prices and nearest station.
GTA gas price predictions are heavily influenced by Imperial Oil (who is the biggest gas company here), who operates Esso stations. They set the trend prices on the prior evening, and the other gas companies would follow suit. But on October 25 this practice changed – Imperial delayed the pricing, forcing competing gas stations to wait before posting their prices.
The resulting price war in the GTA means that the competition means a win for consumers, but now the prices are less predictable. This change may have been brought on by 680News callers who noted variances in the gas price predictions and called in. They were the second major announcer of gas changes in Toronto, and it probably hit the bottom line of oil companies. As a result, they ended up changing their pricing mechanisms.
What do you think about these pricing changes? Has your local station shown this price drop? Let us know, and don’t forget to update your gas station pricing on Gas Buddy!