Canadians should experience the largest drop in gasoline prices since 2009 on Sunday as fears about a virulent new COVID-19 variant are expected to provide a break of 11 cents per litre at the pumps.
Dan McTeague, president of Canadians for Affordable Energy, says the national average price could drop to about $1.32 per litre but begin to rise again midweek.
Global crude oil prices plunged Friday over fears about a new COVID-19 variant called Omicron that spurred Canada to ban entry for foreign nationals who travelled through southern Africa.
Despite the upcoming decrease, national gasoline prices have surged nearly 43 per cent in the past year as the reopening of the global economy from pandemic lockdowns prompted a recovery in crude prices.
The January crude oil contract fell 13.1 per cent or US$10.24 on Friday and stands at US$68.15 per barrel.
The Canadian Automobile Association says that as of early Saturday morning, Manitoba had the lowest average pump price of $1.35/L, followed closely by Alberta at $1.377, while Newfoundland and Labrador was the highest at $1.583 with British Columbia at $1.558.