Gas prices to take major drop in Ontario this weekend
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.
CTVNews.ca Top Stories
Grandparent scam: London, Ont., senior beats fraudsters not once, but twice
It was a typical Tuesday for Mabel Beharrell, 84, until she got the call that would turn her world upside down. Her teenaged grandson was in trouble and needed her help.
Deaths of 4 people on Sask. farm confirmed as murder-suicide
The deaths of four people on a farm near the Saskatchewan village of Neudorf have been confirmed a murder-suicide.
CRA no longer requiring 'bare trust' reporting in 2023 tax return
The Canada Revenue Agency announced Thursday it will not require 'bare trust' reporting from Canadians that it introduced for the 2024 tax season, just four days before the April 2 deadline.
Full parole granted to man convicted in notorious 'McDonald's murders' in Cape Breton
The Parole Board of Canada has granted full parole to one of three men convicted in the brutal murders of three McDonald's restaurant workers in Cape Breton more than 30 years ago.
Incident on Calgary's Reconciliation Bridge comes to safe resolution
Nearly 20 hours after a man climbed and remained perched on top of the Reconciliation Bridge in downtown Calgary, the situation came to a peaceful resolution.
Sunshine list: These were the Ontario public sector's highest earners in 2023
Ontario released its annual sunshine list Thursday afternoon, noting that the largest year-over-year increases were in hospitals, municipalities, and post-secondary sectors.
George Washington family secrets revealed by DNA from unmarked 19th century graves
Genetic analysis has shed light on a long-standing mystery surrounding the fates of U.S. President George Washington's younger brother Samuel and his kin.
'We won't forget': How some Muslims view Poilievre's stance on Israel-Hamas war
A spokesman for a regional Muslim advocacy group says Conservative Leader Pierre Poilievre's stance on the Israel-Hamas war could complicate his party's relationship with Muslim Canadians.
Why some Christians are angry about Trump's 'God Bless the USA' Bible
Former U.S. President Donald Trump is officially selling a copy of the Bible themed to Lee Greenwood’s famous song, 'God Bless the USA.' But the concept of a Bible covered in the American flag has raised concern among religious circles.