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
Solar storm puts on brilliant light show across the globe, but no serious problems reported
A powerful solar storm put on an amazing skyward light show across the globe overnight but has caused what appeared to be only minor disruptions to the electric power grid, communications and satellite positioning systems.
'It was violent': Police tear down U of A pro-Palestinian encampment Saturday morning
Multiple people at the protest camp torn down at the University of Alberta campus Saturday say police's actions against protesters were "violent" and "disproportionate."
'I am angry': Alberta farmers will continue fight over world class motorsport resort
The rolling hills leading to the hamlet of Rosebud are dotted with sprawling farms and cattle pastures -- and a sign sporting a simple message: No Race Track.
'My family doctor just fired me': Ontario patients frustrated with de-rostering
Dozens of Ontarians are expressing frustration in the province’s health-care system after their family doctors either dropped them as patients or threatened to after they sought urgent care elsewhere.
Potentially toxic chemicals hide in our drinking water and countless household objects, and they're not going anywhere
For decades, North Bay, Ontario's water supply has harboured chemicals associated with liver and developmental issues, cancer and complications with pregnancy. It's far from the only city with that problem.
Suspect sought after fatal slashing in downtown Toronto
Police are searching for a suspect in a homicide investigation after a man was slashed in downtown Toronto on Sunday.
Canada Post cracks down on Nunavut loophole to get free Amazon Prime shipping
Amazon's paid subscription service provides free delivery for online shopping across Canada except for remote locations, the company said in an email. While customers in Iqaluit qualify for the offer, all other communities in Nunavut are excluded.
'Increased fire activity' expected for Fort Nelson, B.C., blaze
A wildfire near Fort Nelson, B.C., that forced thousands to flee their homes grew almost 800 hectares overnight Saturday, according to officials.
Blinken delivers some of the strongest U.S. public criticism of Israel's conduct of the war in Gaza
Secretary of State Antony Blinken on Sunday delivered some of the Biden administration's strongest public criticism yet of Israel's conduct of the war in Gaza, saying Israeli tactics have meant "a horrible loss of life of innocent civilians" but failed to neutralize Hamas leaders and fighters and could drive a lasting insurgency.