Gas prices are expected to fall by at least 10 cents a liter in most of Canada this weekend after the price of oil plummeted on Friday, says an analyst.
Dan McTeague, president of Canadian for Affordable Energy, said prices will drop 10 or 11 cents on Sunday, depending on the province’s tax system.
“This is across the country, with the exception of the maritime provinces, Atlantic Canada, which have a regulated system, so they may have to wait, sadly, until next week,” he told Global News.
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McTeague said provinces with an HST system will see a net drop of 11 cents per liter in dispensers Sunday. He said Quebec will also see an 11-cent drop.
Provinces with GST will see a drop of 10 cents per liter, he said.
“What we saw today was panic in world markets as a result of the COVID variant that came out of South Africa,” McTeague said.
Energy stocks took a beating on Friday when the price of oil fell more than 13 percent.
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But McTeague says he doesn’t expect the drop in gasoline prices to last.
“There is a strong feeling, and I agree with that, that it is over the top and when the American energy traders return to work on Monday morning after their long weekend, it is very possible that we will see prices return to go up on Wednesday, “he added. he said.
“Take advantage of this.”
In the greater Toronto area, the average price is expected to drop to 134.9 per liter, which according to McTeague has not been seen in the region since Aug. 25.
– with archives from The Canadian Press
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