NEWS

Spotted: Gas under 90 cents a litre in Southwestern Ontario

12/16/2014 12:50 EST | Updated 02/15/2015 05:59 EST
A gas station in London, Ont. was spotted offering gas at under 90 cents a litre. 

An Esso station at the corner of Southdale Road and Wharncliffe Road South was advertising the rock-bottom price of 89.9 cents a litre Tuesday morning.

The price of fuel continues to ride on the coat tails of sliding oil prices as the cost of the commodity can't seem to find a bottom, thanks to slack in demand and a glut of supply. 

The current rout in oil prices began in September as markets realized that demand for oil was waning, even as U.S. shale producers were stepping up output. Then on Nov. 27, OPEC members voted to maintain their current levels of production at 30 million barrels a day, despite the apparent excess of oil.

The decision left North American producers defiant, saying they wouldn't be driven out of the market by tactics from the oil cartel. But OPEC members have wondered aloud why they should make all the cuts.

MORE:cbcNews