Gas prices in Ontario set to soar to two-month high Thursday
Drivers should fill up their tanks today as gas prices in Ontario are forecast to rise in the next few days, with one industry analyst warning that more hikes could be coming.
Dan McTeague, president of Canadians for Affordable Energy, told CP24 Tuesday morning that he is anticipating the price of a litre of gasoline in Ontario will rise by another six cents per litre on Thursday.
That is on top of the expected 10-cent increase just after midnight on Wednesday, bringing the average gas price to 162.9 cents a litre. McTeague previously noted that it is one of the highest one-day hikes in the province in the last decade.
It will also bring a litre of gasoline to its highest price since Aug. 4.
"So if you see $1.52.9 here in the GTA or Ottawa, or anywhere across most of southern Ontario, you might want to fill up today. I don't see this getting better," McTeague said.
"And it's really being driven by global circumstances, in particular, OPEC (Organization of the Petroleum Exporting Countries) that's likely to cut oil production…to get oil prices back up to where they believe it should be, which is $90 a barrel versus $76 (or) $77."
The cut would further squeeze the already tight oil supply, which is a concern as McTeague noted that demand continues to be strong.
"And I think many analysts believe -- certainly the markets are suggesting that there should have been demand destruction by now…I think they're all being proven significantly wrong," McTeague said.
"We're gonna start to see prices go up not just for diesel but also for gasoline."
CTVNews.ca Top Stories
BREAKING Iran fires at suspected Israeli attack drones near Isfahan air base and nuclear site
Iran fired air defences at a major air base and a nuclear site early Friday morning near the central city of Isfahan after spotting drones, which were suspected to be part of an Israeli attack in retaliation for Tehran's unprecedented drone-and-missile assault on the country.
NEW After hearing thousands of last words, this hospital chaplain has advice for the living
Hospital chaplain J.S. Park opens up about death, grief and hearing thousands of last words, and shares his advice for the living.
LeBlanc says he plans to run in next election, under Trudeau's leadership
Cabinet minister Dominic LeBlanc says he plans to run in the next election as a candidate under Prime Minister Justin Trudeau's leadership, amid questions about his rumoured interest in succeeding his longtime friend for the top job.
Prince Harry formally confirms he is now a U.S. resident
Prince Harry, the son of King Charles III and fifth in line to the British throne, has formally confirmed he is now a U.S. resident.
Trend Line Anger, pessimism towards federal government reach six-year high: Nanos survey
Most Canadians in March reported feeling angry or pessimistic towards the federal government than at any point in the last six years, according to a survey by Nanos Research.
Ontario woman loses $15,000 to fake Walmart job scam
A woman who recently moved to Canada from India was searching for a job when she got caught in an online job scam and lost $15,000.
DEVELOPING Israel targets air defence system in Syria, state news agency says
Israel carried out a missile strike targeting an air defence unit in southern Syria, causing material damage, state-run SANA news agency quoted a military statement as saying Friday.
Colin Jost names one celebrity who is great at hosting 'Saturday Night Live'
Colin Jost, who co-anchors Saturday Night Live's 'Weekend Update,' revealed who he thinks is one of the best hosts on the show.
NEW From window blinds to motorcycle helmets, here are the recalls in Canada this week
Here are the various items Health Canada recalled this week, including motorcycle helmets, power adapters, and bicycle cranksets.