Those who need to fill up their tanks should do so before the weekend. The average price of gas in Ontario is expected to increase to $138.9 per litre on Saturday.
According to GasBuddy.com, the price of gas in Ontario is approaching record levels, with Friday’s cost of $137.9 per litre marking the highest price since July 2014.
The cost of gas this month is 25 cents a litre higher than it was in May 2017. This increase averages out to about $12 to $15 more a week for the average driver.
“Even if you are someone who uses 60 litres a week like I do, you’re looking at an additional $500 to $700 a year more in costs just to get from point A to point B,” said Dan McTeague, an analyst for GasBuddy.com. “And most people aren’t driving around for kicks and giggles. In fact, they need to get to where they have to go.”
McTeague says there are a number of factors that have contributed to the soaring prices, including the high cost of oil, the value of the Canadian dollar, and the introduction of HST in 2010.
And the price is expected to continue to increase. Drivers could see an additional 5 cents a litre tacked on to their bill this summer.
At the same time, McTeague says people are making adjustments to combat the high cost of gas.
“I think people are driving much more efficient vehicles than before (and) I think people are using their fuel much more wisely, but this is really a sign of things to come,” he said. “The days of a dollar a litre are well behind us.”
