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A cut to the provincial gas tax promised by Premier Doug Ford before the June election takes effect on Friday and experts say it may offer some relief to drivers facing sky-high pump prices, but the long-term benefits to consumers are unpredictable.
The changes will be in effect from July 1 to Dec. 31 with the government pegging the cost at $645 million.Roger McKnight, chief petroleum analyst with En-Pro International, says the upcoming gas tax cut is an overdue "Band-Aid solution" but consumers will likely see some benefit in its early days. Given that gas prices are affected by factors outside the country, he said there's a limit on what Canadian politicians can do to control prices long-term.
"My advice to consumers when they see the price on Friday is to enjoy it, but I don't know how long it will last," McKnight said. "Politicians have no control over the price of crude or the geopolitics that's happening way outside our borders."
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