The savings Canadian consumers stand to reap from tumbling pump prices are adding up.
Average gas prices have fallen 48 cents per litre since June, while estimates on the cash households will be saving continue to rise as gas prices fall.
MORE: Here’s how much we’re saving at the pump – and how we’ll spend it
The latest, from BMO Capital Markets on Friday, suggests the country’s commuters and motorists will save about 1.9 per cent on their combined gas costs if pump prices hold where they are for the balance of 2015.
That may not sound like much, but considering how much we spend on fuel, it’s a colossal amount. How big? How about $20 billion.
“That’s about $1,500 per family, or almost enough for three Timmy’s coffees per day for a year,” BMO senior economist Sal Guatieri said.
A month ago, when pump prices were higher, financial services firm Desjardins estimated Canadians could collectively save about $165.2 million dollars every week.
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