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
Iran fires air defence batteries in provinces as sound of explosions heard near Isfahan
Iran fired air defence batteries early Friday morning after reports of explosions near the city of Isfahan, the state-run IRNA news agency reported.
American millionaire Jonathan Lehrer denied bail after being charged with killing Canadian couple
American millionaire Jonathan Lehrer, one of two men charged in the killings of a Canadian couple in Dominica, has been denied bail.
Nearly half of China's major cities are sinking, researchers say
Nearly half of China's major cities are suffering 'moderate to severe' levels of subsidence, putting millions at risk of flooding especially as sea levels rise.
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.
Judge says 'no evidence fully supports' murder case against Umar Zameer as jury starts deliberations
The judge presiding over the trial of a man accused of fatally running over a Toronto police officer is telling jurors the possible verdicts they may reach based on the evidence in the case.
Health Canada to change sperm donor screening rules for men who have sex with men
Health Canada will change its longstanding policy restricting gay and bisexual men from donating to sperm banks in Canada, CTV News has learned. The federal health agency has adopted a revised directive removing the ban on gay, bisexual and other men who have sex with men, effective May 8.
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.
Sports columnist apologizes for 'oafish' comments directed at Caitlin Clark. The controversy isn't over
A male columnist has apologized for a cringeworthy moment during former University of Iowa superstar and college basketball's highest scorer Caitlin Clark's first news conference as an Indiana Fever player.
'Shopaholic' author Sophie Kinsella reveals brain cancer diagnosis
Sophie Kinsella, the best-selling author behind the 'Shopaholic' book series, has revealed that she is receiving treatment for brain cancer.