Gas prices expected to drop by at least 10 cents in most of Canada this weekend: analyst
Global News
"What we saw today was panic on the world markets as a result of the COVID variant coming out of South Africa."
Gas prices are expected to drop by at least 10 cents per litre in most of Canada this weekend after the price of oil plunged Friday, one analyst says.
Dan McTeague, president of Canadians for Affordable Energy, said prices will drop by either 10 or 11 cents by Sunday depending on a province’s tax system.
“This is right across the country, with the exception of the Maritime provinces — Atlantic Canada — which have a regulated system, so they may have to wait unfortunately until next week,” he told Global News.
McTeague said provinces with an HST system will see a net drop of 11 cents per litre at the pumps come Sunday. He said Quebec will also see a 11-cent drop.
Provinces with GST will see a drop of 10 cents per litre, he said.
“What we saw today was panic on the world markets as a result of the COVID variant coming out of South Africa,” McTeague said.
Energy stocks took a beating Friday as the price of oil fell more than 13 per cent.
But McTeague says he doesn’t expect the drop in gas prices to last.