OTTAWA, Ont. -- Canadian average retail gas prices have hit a four-year low and the trend to lower prices is likely to continue into the holiday season, according to the Canadian Automobile Association (CAA).
"For many Canadians this week, the gas pump will be putting the smallest dent in their wallets in the last four years," said Jeff Walker, CAA vice president of public affairs. "The sharp drop in prices of crude oil over the past couple of months is finally being reflected in Canadian retail prices."
Some city average retail prices have dropped as much as five cents per liter in the last week. Vancouver and Calgary dropped five cents per liter since last week, while Ottawa dropped four cents in the last week.
And CAA said lower prices should continue in the coming weeks.
"The price of crude oil is still falling, which will add further momentum to already declining gas prices," said Walker.
The average national retail price in Canada was $1.11 per liter as of December 1, according to the CAA Gas Price Monitor, the lowest price since December 2010.
The benchmark West Texas Intermediary (WTI) price for crude oil closed Monday at $69 U.S. per barrel, a decline of $6 since last week.
CAA is a federation of nine Canadian motor clubs.
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