10/14/2014 02:52 EDT | Updated 12/14/2014 05:59 EST

Gas Prices In Canada Down 15 Cents Amid Oil Supply Glut

Tony Tremblay via Getty Images

MONTREAL — A glut in the global supply of crude has prompted a more than 15 cents per litre drop in the retail price of gasoline in Canada over the last two weeks.

Energy-market watcher Dan McTeague says the average price in Canada is less than $1.20 per litre, down from $1.37 at the end of September and an average of about $1.45 a litre in June. He says Canadian consumers and businesses are enjoying savings as Middle Eastern oil producers (OPEC) attempt to preserve their market share in the face of increased North American supply.

Photo gallery Gas Prices For Fri. Dec. 15 See Gallery