Gas prices across Ontario expected to climb to levels not seen since 2022, analyst says

Ontario is going to see a big jump at the pumps later this week as gas prices in the province hit levels not seen in nearly two years, according to one industry analyst.

Dan McTeague, the president of Canadians for Affordable Energy, told CP24 Wednesday that both Ontario and Quebec will see a 14 cent per litre increase overnight Thursday.

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This will push the price per litre up to $1.79 in cities across Ontario, the highest level seen since Aug. 2, 2022, McTeague added. In Quebec, the price per litre is expected to climb to $1.88, he noted.

This week’s increase, he said, is due to the higher cost of summer blended gasoline. The cheaper winter blend won’t return until the fall.

Last month, McTeague warned that with the switchover to summer blended gas, as well as the carbon tax increase and the rising price of oil, the cost of gas will stay elevated this spring and summer.