TORONTO – The price of regular gas is dropping two cents at midnight at most Greater Toronto Area gas stations.
According to GasBuddy.com analyst Dan McTeague, prices will fall from 88.9 cents a litre to 87.9 cents, the lowest since April 9, 2009.
McTeague says another drop is also expected on Thursday.
A report from investment bank Goldman Sachs forecasts further big declines in oil prices with the North American benchmark to trade at US$41 a barrel in three months.
READ MORE: Plummeting gas prices could hand Canadian families $1,500 apiece
Oil prices have collapsed since June 2014, falling more than 55 per cent.
They have dropped more than 33 per cent just since the end of November, when Saudi Arabia made it clear it would not cut production to support prices.
With a file from The Canadian Press
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