The cuts range from $1,350 to $7,900, depending on model, and apply regardless of whether the vehicle is purchased, leased or financed, the company said in a release.

Managing Director Stephen Beatty said the reductions applied to the Toyota Prius, all Lexus hybrid models, and several other models that have high marks for fuel efficiency and emissions performance.

The highest discount of $7,900 is on the Lexus 08 SC series, whose manufacturer's suggested retail price dropped from $86,100 to $78,200, the company said.

Earlier this year, Toyota was the first to announce sweeping price cuts in Canada, prompting other manufacturers to follow suit as soaring gas prices led to a widespread consumer pullback.