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
Deaths of 4 people on Sask. farm confirmed as murder-suicide
The deaths of four people on a farm near the Saskatchewan village of Neudorf have been confirmed a murder-suicide.
Multiple bridges in Calgary shut down for police incident
Calgary police have shut down a number of bridges into and out of the downtown core as officers deal with a distraught individual.
Sunshine list: These were the Ontario public sector's highest earners in 2023
Ontario released its annual sunshine list Thursday afternoon, noting that the largest year-over-year increases were in hospitals, municipalities, and post-secondary sectors.
Why some Christians are angry about Trump's 'God Bless the USA' Bible
Former U.S. President Donald Trump is officially selling a copy of the Bible themed to Lee Greenwood’s famous song, 'God Bless the USA.' But the concept of a Bible covered in the American flag has raised concern among religious circles.
Humboldt Broncos bus crash survivor qualifies Canada for Paralympics in rowing event
Former Humboldt Broncos goaltender and bus crash survivor Jacob Wassermann has qualified Canada for a rowing event for the 2024 Paralympic games in Paris.
Baby boom amongst nurses leads to maternity ward closure in Listowel, Ont.
The emergency room at Listowel’s hospital is open today, but come summer, their obstetrics unit will be temporarily closing its delivery rooms.
George Washington family secrets revealed by DNA from unmarked 19th century graves
Genetic analysis has shed light on a long-standing mystery surrounding the fates of U.S. President George Washington's younger brother Samuel and his kin.
Krispy Kreme doughnuts coming to McDonald's in U.S., but not Canada
Canadians will be missing out on a sweet new partnership between McDonald's and Krispy Kreme, which will see doughnuts available at McDonald's locations across the U.S. by the end of 2026.
'We won't forget': How some Muslims view Poilievre's stance on Israel-Hamas war
A spokesman for a regional Muslim advocacy group says Conservative Leader Pierre Poilievre's stance on the Israel-Hamas war could complicate his party's relationship with Muslim Canadians.