A petroleum analyst says gas prices in the Toronto area will see a drop of approximately 10 cents on Wednesday amid a recent plunge in oil prices and the ongoing outbreak of COVID-19.
Roger McKnight, senior petroleum analyst with En-Pro International, said as of 12:01 a.m. prices are expected to drop to an average of 92.9 cents per litre in the Toronto area — down from 102.9 cents per litre.
He said some stations will have prices even lower than 92.9.
McKnight said the collapse of an oil supply cut agreement between Saudi Arabia and Russia, coupled with the uncertainty and less demand for oil amid the COVID-19 outbreak, will result in the decrease.
“This is an astronomical drop,” McKnight said.
“I’ve been doing this for over 20 years, I’ve never seen a drop of 10 cents — ever.”
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