Gasoline prices are dropping in the Greater Toronto Area because of the turmoil that has rocked the world's financial markets.
The price of crude oil has been on a slide amid investors' worries about the slowing global economy, meaning motorists across Canada are paying a bit less at the gas pumps, compared with record prices earlier this summer.
After a 2.8-cent drop at midnight, motorists are paying an average of $1.23 per litre Tuesday.
Elsewhere in Ontario, motorists are shelling out $1.17 in Peterborough, $1.20 in Barrie, $1.22 in Ottawa, $1.23 in Guelph and Hamilton, and $1.32 in Thunder Bay.
Still, the drop doesn't provide much relief to motorists, who were paying $1.03 per litre a year ago.
The price of gas has yo-yoed in Toronto this summer, peaking near $1.40 at one point.
