Thursday's economic uncertainty has led to at least one bit of good news: gas prices in Toronto are down by almost four cents to about $1.23 a litre at many stations.

The price drop follows a six per cent reduction in crude oil prices created by Thursday's retreat in global financial markets.

After plunging more than $5 on Thursday, oil is down 82 cents and trading at US$85.81 a barrel.

Gas price guru and former MP Dan McTeague told CBC that gas prices should have dipped further than four cents on Friday. On his website, McTeague calls current pump prices "a blatant ripoff."

"[Drivers] shouldn’t be happy," said McTeague.

"Prices this time last year were about $1.04 in the GTA. When you’re seeing $1.23 and $1.24, it certainly does give the impression that the price is inflated."

Drivers who spoke to CBC News while filling up on Friday had mixed reactions to the lower pump prices.

"It's still not 99 cents back in the days that I remember," said one driver.