Gas Prices In Canada Plummet In An 'Overreaction' To The Omicron COVID-19 Variant

Gas prices are plummeting across most of Canada due to an "overreaction" of a new COVID-19 variant being discovered, according to an analyst.

Gas prices analyst Dan McTeague announced to his 24.9K Twitter followers over the weekend that gas prices were set to drop by up to 11 cents a litre across almost all of Canada.

Ontario and Quebec will get the largest drop in prices, while Manitoba, Saskatchewan, Alberta and B.C will also see much cheaper gas prices.

Only Atlantic Canada is set to miss out on the price drop due to "price regulations."

According to McTeague, gas prices will drop in Toronto from 145.9 cents a litre on Friday to 134.9 on Sunday and Monday, and in Vancouver from 161.9 to 151.9.

In the graphic below, you can see the prices for (left to right) regular gas, premium gas and diesel on Sunday, November 28.

Gas Wizard

In Calgary, gas prices have plummeted 10 cents a litre to 133.9 while fellow Alberta city Edmonton is even cheaper at 131.9 cents a litre.

Even some of Canada's most expensive areas for gas are dropping in price. Victoria, which was previously sitting at 155.9 cents a litre for regular gas, has dropped 4 cents.

The drop in gas prices applies to both regular and premium gas and to diesel prices.

In an interview with CTV, McTeague said these gas prices are the lowest in three months and are due to "an overreaction" to the new COVID-19 variant Omicron.

While Canada has not identified any cases yet, some countries have started to introduce new travel restrictions. Last week, a handful of cases were reported in Africa. Canada has since introduced a ban on travel from certain countries.

This article's cover image was used for illustrative purposes only.