Gasoline prices are expected to drop by seven cents overnight, followed by a one-cent decrease the following night, bringing the average fuel price in the Greater Toronto Area to 157.9 cents per liter. This will be the lowest level since October, according to industry analyst and President of Canadians for Affordable Energy, Dan McTeague.

Also, McTeague expects diesel to see a significant price drop this week, falling 14 cents to $2.09 per liter by Thursday, the lowest level in three months.

This comes after Premier Doug Ford announced over the weekend that he would extend the province's gasoline tax cut for another year.

In the same regard, the Ontario government cut the gasoline tax by 5.7 cents per liter this summer, which was scheduled to end on December 31.

Ford also stated at a press conference on Sunday in North Etobicoke: "We will introduce legislation to extend the gasoline tax cuts for another year, providing some much-needed relief for drivers and businesses for another year."