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
'State or state-sponsored actor' believed to be behind B.C. government hacks
The head of British Columbia’s civil service has revealed that a “state or state-sponsored actor” is behind multiple cyber-security incidents against provincial government networks.
Here's how much more Canadian landlords are asking for now, according to a just-released report
A new report says the average asking rent for a home in Canada in April was up 9.3 per cent compared with a year ago, while a slight month-over-month increase was also recorded for the first time since January.
Rare severe solar storm Friday could bring spectacular aurora light show across Canada
A rare and severe solar storm is expected to bring spectacular displays of the northern lights, also known as aurora borealis, across much of Canada and parts of the United States on Friday night.
Swarm of 20,000 bees gather around woman’s car west of Toronto
A swarm of roughly 20,000 bees gathered around a woman’s car in the parking lot of Burlington Centre.
What is basic income, and how would it impact me?
Parliamentarians are considering a pair of bills aiming to lift people out of poverty through a basic income program, but some fear these types of systems could result in more taxes for Canadians who are already financially struggling.
Canada abstains from Palestinian UN membership vote but supports two-state solution
Canada was one of 25 countries that abstained from a United Nations vote on Palestinian membership that passed with overwhelming support on Friday.
'I may have some nightmares:' Man survives being bitten by 2 sharks in Bahamas
A man who was bitten by two sharks in the Bahamas said Thursday he's 'thankful that I'm here' while sharing his story of survival.
Out-of-control wildfire burning near Fort McMurray
As of 9 a.m. on Friday, the wildfire burning 28 kilometres southwest of the northeastern Alberta city was 25 hectares in size.
Mexico's president accuses press and volunteer searchers for missing people of 'necrophilia'
The administration of Mexico's president has accused the press and volunteer searchers who look for the bodies of missing people of 'necrophilia,' comments that drew criticism this week.