Gas prices fell overnight at most local gas stations. Prices fell from $117.9 to $1.11 Wednesday morning.
Not all stations are cutting prices however, some Esso and Shell stations were still posting the higher prices as of 9am Wednesday.
Oil sold off sharply on Monday after Saudi Arabia kicked off a price war, announcing to the world that the country would pump as much crude as it wanted to, which began a race to the bottom for producers desperate to gobble up as much market share as they could at fire-sale prices.
Prices began to fall in North America Monday giving motorists a break at the pumps that hasn’t been seen for three years. On average stations dropped prices by about 7 cents a litre across the country.
Compared to other locations in the province, Sault Ste. Marie remains one of the highest prices for regular fuel in the province, even with the 6 cent drop overnight.
Prices are as low as .77 a litre in Alderville (a First Nation reserve near Peterborough) while other cities in Southern Ontario are seeing prices in the low to high 80 cents a litre range.
In Northern Ontario, Sault Ste. Marie leads all other major centres. Sudbury gas stations are posting prices of $107.9 meanwhile in Thunder Bay prices have dropped below a dollar to .96 a litre . North Bay prices range from $1.03 to $1.11 a litre.
Dan McTeague, president of Canadians for Affordable Energy says Canadians could see another 6 to 7 cent drop over the next few weeks but Americans will see the biggest drop in prices.
-with files from CBC