Gas prices in Ontario dropping by 11 cents per litre on Sunday: analyst
Published Friday, November 26, 2021 5:50PM EST
Last Updated Friday, November 26, 2021 5:50PM EST
Gas prices in Ontario are expected to take the biggest single-day drop in more than a decade this weekend.
According to Dan McTeague, president of Canadians for Affordable Energy, gas prices will drop 11 cents across Ontario on Sunday.
On average, gas prices will drop from 145.9 cents per litre to 134.9 cents per litre, he said.
"This has everything to do with what looks like an incredible overreaction to news on the variants in South Africa," McTeauge told CTV News Toronto.
Oil prices suffered one of the largest ever one-day plunges on Friday, crashing more than 11 per cent on Black Friday as the new strain sparked fears that renewed lockdowns could hurt global demand.
McTeague said the 11-cent drop will be the biggest single-day decrease in Ontario since 2009. He said that while gas prices fell sharply during the first wave of COVID-19, it never reached 11 cents in a single day.
McTeague said much of Canada will also see the same drop in prices on Sunday as well.
"Quebec, Ontario, Manitoba, Saskatchewan, Alberta, B.C. interior and Vancouver will see prices drop on an average of 11 cents a litre as well," McTeauge said.
Gas prices have been rising in recent weeks in Ontario and McTeague said that trend will eventually continue.
"This is a one-off deal," McTeague said.
Click here more information on current gas prices in Ontario.