Gas prices in southern Ontario set to rise on Thursday and it won't stop there, one expert says
Gas prices iin southern Ontario are set to rise five cents on Thursday and are expected to continue rising this fall, according to one industry analyst.
President of Canadians for Affordable Energy Dan Mcteague predicts that gas prices will increase to 153.9 cents per litre as of midnight on Thursday, and won’t stop there.
“Going forward, slowly in the month of October and a little faster in November, we're going to see prices rise. Especially on the diesel side, on the jet fuel side, on the natural gas side. On the home heating side, on the propane side. And yes that will impact gasoline,” he tells CP24.com.
McTeague says fuel prices right now are “as good as it gets” and recommends that drivers fill up ahead of this weekend.
He adds that Hurricane Ian, which was nearing Florida's southwest coast Wednesday morning, will play a big role in determining gas prices over the coming days.
“There's a chance we could see prices moving up and we're going to have to watch what happens to Hurricane Ian. A lot of people saying it won’t affect assets that create energy, oil, gasoline, oil in the United States, but there's a pipeline that goes to there called a Colonial Pipeline. I don't think it'd be flooded, but if it does it may shut down temporarily,” McTeague says.
He says the impact of colder weather on the demand for more energy resources, which are in limited supply particularly in Europe, will also contribute to rising fuel prices.
In addition, McTeague says the weakness of the Canadian dollar is bringing up prices at the pumps.
A week ago, the loonie briefly fell below 74 cents US in early trading, hitting a low not seen since the onset of the COVID-19 pandemic.
“So that's a big deal because we price all of our energy and all of our products in Canada in U.S. dollars, it’s now taking about 137 pennies to buy U.S. dollars. So that's really the bottom line, is that I don’t think there’s a lot of things that augur well for consumers. I think prices are likely to go higher, maybe back to $160.0 (per litre) in the month of October,” he says.
Gas prices have been on the rise across Southern Ontario since late February, primarily due to fuel supply shortages amid Russia’s invasion of Ukraine, and the international sanctions that have been imposed as a result of the war.
CTVNews.ca Top Stories
B.C. tenants evicted for landlord's use after refusing large rent increase to take over neighbouring suite
Ashley Dickey and her mother rented part of the same Coquitlam duplex in three different decades under three different landlords.
Mountain guide dies after falling into a crevasse in Banff National Park
A man who fell into a crevasse while leading a backcountry ski group deep in the Canadian Rockies has died.
Expert warns of food consumption habits amid rising prices
A new survey by Dalhousie University's Agri-Food Analytics Lab asked Canadians about their food consumption habits amid rising prices.
MPP Sarah Jama asked to leave Ontario legislature for wearing keffiyeh
MPP Sarah Jama was asked to leave the Legislative Assembly of Ontario by House Speaker Ted Arnott on Thursday for wearing a keffiyeh, a garment which has been banned at Queen’s Park.
Charlie Woods, son of Tiger, shoots 81 in U.S. Open qualifier
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
Ex-tabloid publisher testifies he scooped up possibly damaging tales to shield his old friend Trump
As Donald Trump was running for president in 2016, his old friend at the National Enquirer was scooping up potentially damaging stories about the candidate and paying out tens of thousands of dollars to keep them from the public eye.
Here's why provinces aren't following Saskatchewan's lead on the carbon tax home heating fight
After Prime Minister Justin Trudeau said the federal government would still send Canada Carbon Rebate cheques to Saskatchewan residents, despite Saskatchewan Premier Scott Moe's decision to stop collecting the carbon tax on natural gas or home heating, questions were raised about whether other provinces would follow suit. CTV News reached out across the country and here's what we found out.
Montreal actress calls Weinstein ruling 'discouraging' but not surprising
A Montreal actress, who has previously detailed incidents she had with disgraced Hollywood producer Harvey Weinstein, says a New York Court of Appeals decision overturning his 2020 rape conviction is 'discouraging' but not surprising.
Caleb Williams, Jayden Daniels and Drake Maye make it four NFL drafts with quarterbacks going 1-3
Caleb Williams is heading to the Windy City, aiming to become the franchise quarterback Chicago has sought for decades.