Gas prices to take major drop in Ontario this weekend

Gas prices in Ontario are expected to take the biggest single-day drop in more than a decade this weekend.

According to Dan McTeague, president of Canadians for Affordable Energy, gas prices will drop 11 cents across Ontario on Sunday.

On average, gas prices will drop from 145.9 cents per litre to 134.9 cents per litre, he said.

"This has everything to do with what looks like an incredible overreaction to news on the variants in South Africa," McTeauge told CTV News Toronto.

Oil prices suffered one of the largest ever one-day plunges on Friday, crashing more than 11 per cent on Black Friday as the new strain sparked fears that renewed lockdowns could hurt global demand.