10/11/2014 13:11 EDT | Updated 12/11/2014 05:59 EST

Toronto gas prices near 2-year low

Gas prices across Toronto have hit an almost two-year low. A litre of regular gas was going for an average of 119.9 cents per litre on Saturday, down about two cents from Friday. 

It's the lowest price at the pump since December 2012, and way down from the summer's record high of over 142 cents per litre. 

The price follows a steep drop in the price of crude oil — good news for Canadians facing another home-heating season and a potential boon for the manufacturing sector. 

"You could get a situation where growth in Ontario and Quebec start to pick up relative to growth in Alberta ... not out pacing Alberta obviously but closing that gap a little bit," said Robert Kavcic, a senior economist with BMO Capital Markets. 

But Peter Buchanan, senior economist for CIBC World Markets, doesn't think the price of crude will continue to fall.

"We could see some firming in oil prices in the next month or two although not getting to the levels that we say over the summer," he said.