MONTREAL -- The price at the pump in Quebec is down significantly, following the sharp decline of oil prices around the world.
Thursday morning, Essence Montreal reported that the average cost per regular litre was at $1.03 in Quebec, several cents less than at the start of the week.
In Montreal, the price for regular gas fluctuated between $1 and $ 1.07 per litre.
The rate in Quebec is slight slightly higher than the rest of Canada, according to Gas Buddy, with an average of $0.95 in Ontario, $0.965 in Nova Scotia, $1.02 in New Brunswick, $0.90 in Alberta and $1.03 in Prince Edward Island.
This comes after Saudi Arabia made the decision Monday to slash prices per barrel.
In the aftermath, on the New York Stock Exchange, the price of oil fell by US$10.77, or 26 per cent, to US$30.49 per barrel, after having already fallen 10 per cent the previous Friday before recovering slightly.
Further declines in the price per barrel of crude oil were noted Thursday; prices fell by US$1.64 on the New York Stock Exchange to US$31.35.
Meanwhile, the value of the Canadian dollar has also continued to diminish.
On Wednesday, the CAD traded at an average price of 72.75 cents U.S., down from 72.83 cents U.S. the previous day.
This report by The Canadian Press was first published March 12, 2020.
