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Montreal motorists get a break at the pump as oil prices plummet worldwide

According to gasbuddy.com, some gas stations were charging between $1.10 and $1.11 for a litre of regular gasoline Monday. The average price per litre in Montreal for March has been $1.34.

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It may be cold comfort if you woke up Monday to a stock portfolio gutted by global uncertainty over the coronavirus, but the coinciding drop in the global price of oil sparked by a price war waged among OPEC nations has led to plummeting gas prices in the Montreal region.

According to gasbuddy.com, some Montreal-area gas stations were charging between $1.09 and $1.11 for a litre of regular gasoline.

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According to the gas price monitoring site globalpetrolprices.com, the average price per litre in Montreal for March has been $1.34.

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CAA-Québec, which monitors gas prices and determines a “realistic” price based on a weekly monitoring of retail margins, noted on Monday morning that the pump price in Montreal was actually five cents per litre lower than its realistic price. In Laval, the divergence was 6.5 cents per litre.

The collapse in the price of oil came after Saudi Arabia, Russia and other major oil producers failed to agree on how much to cut output to prop up prices.

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