Doug Porter, chief economist at BMO, says the lower oil prices should continue for at least for another six months, and will likely lead to savings beyond the pump.
"Almost every good that we buy is shipped from somewhere, and there are transportation costs involved," Porter said.
"This is a bit of a quiet win-win for the Ontario economy."
But, he added, the savings "won't show up immediately" and could take between six months and a year to show up on consumers' bills.
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