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Gas prices in Toledo down more than 5 cents

The national average fell 5.3 cents for an average price of $3.34 a gallon. That figure is down 6.9 cents from a month ago.

TOLEDO, Ohio — Gas prices in Toledo dropped last week by 5.1 cents per gallon for an average price of $3.12, according to GasBuddy's daily survey of 315 stations in the city.

The cheapest gas recorded in Toledo was $2.93, while the most expensive was $3.39. 

The national average fell 5.3 cents for an average price of $3.34 a gallon. That figure is down 6.9 cents from a month ago.

GasBuddy Head of Petroleum Analysis Patrick De Haan said oil prices are trending downward due to a number of factors.

"This is largely due to continued anxiety over the omicron variant and because some countries have begun issuing lockdowns, keeping motorists in some countries from consuming as much fuel," De Haan said. "While the Great Lakes region, the fastest to see prices respond to market fluctuations, is seeing hefty monthly declines approaching 30 cents per gallon, much of the rest of the country is lagging behind. 

"But, we will see precipitous declines in the next week or two as stations continue to sell through higher priced inventory before slowly lowering their prices. It's not impossible given the conditions that price wars, where stations lower their price significantly, could emerge as stations now have considerable room to lower prices."

Prices in Michigan are also coming down:

Ann Arbor - $3.36 average (down 5.3 cents from last week).

Detroit - $3.30 (down 5.3 cents).

Lansing - $3.18 (down 7.7 cents).

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