Optimism over potential U.S.-Iran peace deal sparks reprieve at the gas pumps in Toronto

Added: 2026-05-31

[00:00:00]We're getting a break at the gas pumps today here in the GTA as prices dropped about 10 cents, but this roller coaster of up and down prices continues Canada-wide. CTV's Kamal Khermali is now here with a national roundup on gas.

[00:00:13]Kamal, nice to see you. I saw your back I think last weekend. You were talking to people who were going on road trips and clearly the price of gas is dictating whether they're choosing to go or not. So, break down some of the numbers for us and what it could mean for the upcoming summer travel season.

[00:00:27]>> Yeah, Beatrice, you know, there's a lot of people who are canceling their trips as you mentioned based on the story that we did last weekend, but it's been a tune that many Canadians have been singing across the country, not just here in Toronto and in Ontario as well. So, we are seeing a little bit of reprieve at the pumps though, not enough to go even close to >> [snorts] >> last year's levels that allowed people to go road tripping, but we are seeing people maybe choose to go around the GTA feeling a little bit more comfortable now that we're seeing prices drop today anywhere from 7 to 10 cents from 180-something.

[00:01:08]It was the average was 188 cents per liter last week. Now dropping to around 170, low 170s is sort of what we're expecting in terms of cents per liter.

[00:01:18]So, it's a set to drop in the GTA around 7 to 10 cents today and then another 3 to 5 cents tomorrow. So, if you want to get the best bang for your buck, it is probably advisable to go fill up that tank tomorrow. And obviously this has a lot to do with optimism that there could be a peace deal between US and Iran and have the Strait of Hormuz open up allowing for more oil flow through to buyers. So, you know, we're seeing two provinces at least with Ontario and Quebec showing a dip, but you saw that board on your screen not too long ago.

[00:01:52]Still many, many parts of the province parts of Canada that are not shifting or seeing a decline in the price of gas.

[00:01:59]So, Beatrice, you and I live in a in Toronto, consider ourselves lucky that we're seeing a little bit of reprieve cuz the rest of the country is not seeing that so far.

[00:02:10]>> Yeah, I mean 10 cents less is is good for now. I'd like it to be lower for sure. You talked about the Strait of Hormuz though, Kermal, and the fact that this deal might be broached soon. How soon after you know, a deal is breached, let's fingers fingers crossed for a deal being broached, how soon that have an impact on prices here at home?

[00:02:27]>> Yeah, you know, I don't have good news for you on that front because experts are saying it could take 3 to 6 months and that is primarily because even if a peace deal was to be reached today, there are a lot of things that need to take place because there is a huge backlog you can see here of on the Strait of Hormuz. Imagine a huge huge accident or pileup on the 401 and it narrowed down to one lane and traffic just trying to get through. That is what it is going to be like to try and get all those tankers through through the Strait of Hormuz and that is going to take some time. Not only that, but they have to open up the refineries again, repair the refineries. It's not like flipping a light switch. Those refineries take a lot of maintenance and so to to dial everything back up again is going to take some time. And then not only getting through the backlog through the Strait of Hormuz, but getting it transported the oil to where it needs to go could take weeks if not months. And so 3 months minimum is the best estimate, could take as long as 6 months. So, all that to say, Beatrice, this summer is going to be a pricey one if you want to drive around. We wouldn't see any reprieve even if a peace deal was to happen now until the fall.

[00:03:39]>> Ah, there's always a catch. [laughter] >> Big sigh there.

[00:03:42]>> CTV's Kermal Karmali, thanks so much.