Gas prices expected to drop by at least 10 cents in most of Canada this weekend: analyst

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An analyst says gas prices are expected to drop by at least 10 cents a liter across much of Canada later this week, following a drop in oil prices on Friday.

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Dan McTeague, president of the Canadian for Affordable Energy, said prices would drop by 10 or 11 cents by Sunday, depending on the province’s tax system.

“This is true across the country, with the exception of the maritime provinces – Atlantic Canada – which have a regulated system, so they may unfortunately have to wait until next week,” he told Granthshala News.

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McTeague said provinces with the HST system would see a net drop of 11 cents a liter at their pumps coming Sunday. He said that Quebec will also see a decline of 11 percent.

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He added that the GST-ridden provinces would see a drop of 10 cents per litre.

“What we saw today was panic in world markets as a result of the COVID version coming from South Africa,” McTeague said.

Energy stocks edged higher on Friday, with the price of oil falling more than 13 per cent.

But McTeague says he doesn’t expect gas prices to drop.

“There is a strong sentiment, and I agree with it, that it is overbought and when most US energy traders get back to work on Monday morning after their long weekend, we will be well into prices early Wednesday. Can see the speed,” she said.

“So take advantage of it.”

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In the Greater Toronto area, the average price is expected to drop to 134.9 per liter, which McTeague said has not been seen in the region since August 25.

— With files from the Canadian Press

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