This is the timeline for when gas prices will skyrocket in Ontario
This is the timeline for when gas prices will skyrocket in Ontario
Gas prices in Ontario are set to hit another record this week, one expert says.
Dan McTeague, President of Canadians for Affordable Energy, told CTV News Toronto that prices jumped two cents per litre on Wednesday to an average of $1.60 per liter.
Another major increase will come on Thursday, when gas prices are expected to jump seven cents to an average of $1.67 per litre.
"That's a price we have never seen or ever paid here," McTeague said. "It's well above the record, which is $1.61 per litre."
Gas prices are expected to take another major jump on Friday. Prices are forecast to jump another seven cents per litre to $1.74 per litre.
McTeague said the crisis in Ukraine is helping to fuel higher gas prices globally, and believes the cost of filling up will only get worse in the coming weeks and months.
"I can't see a scenario where prices won't go higher and remain higher," he said. "I think $1.90 per litre in the Greater Toronto Area is certainly within range … That could happen in the next four to five weeks."
McTeague said while gas prices always get the attention, he is more worried by the spike in diesel prices this week.
"That's up five cents tomorrow and another seven cents on Thursday," McTeague said. “That’s the one that drives food prices and the economy."
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