Gas prices are already lower at their lowest in three years, but according to Dan McTeague, a senior petroleum analyst with gasbuddy.com and founder of Tomorrow's Gas Price Today, prices will plummet to about $1.10 per litre on Sunday.
The impending savings are a direct result of OPEC announcing earlier this week that it will not halt oil production despite an estimated global glut of two million barrels per day, McTeague said. The result has been a drastic decrease in oil prices worldwide.
"Oil prices tend to suggest where gasoline is going to go. It often happens within 48 hours," he said.
"Prices are going to drop, that's bound to happen. Whether its 24 or 48 hours, there's an inevitability that prices are going to go below to prices we haven't seen here in Toronto since December of 2010."
Analysts estimate that plunging prices will result in about a $25 savings per week for drivers.
"Those savings will make their way through the economy and lower costs," McTeague said.
Over time it will likely to a host of cost savings, including lower taxi fares. Prices are expected to remain at around the $1.10 mark until late winter or early spring.