Gas prices in southern Ontario to spike to the highest level in months
Drivers can expect to pay more at the pumps this summer as gas prices in the Greater Toronto Area reach levels not seen since November 2022.
Gas prices rose by five cents on Thursday and are expected to increase by another three cents on Friday, bringing the cost to about $1.66 per litre.
Dan McTeague, the president of Canadians for Affordable Energy, says this is the highest price seen since Nov. 10, 2022. He anticipates prices may drop in the next day or so before increasing yet again.
“It’s going to be very choppy,” McTeague told CTV News Toronto on Thursday.
“It will go up a bit, come down a bit, and up a bit more until markets can get over supply and demand.”
McTeague anticipates the combination of supply and demand, issues with the U.S. debt ceiling and the value of the Canadian dollar will contribute to the “non-linear” price increase.
“We are going to see prices move up and, of course in Canada, many people may notice their fuel mileage will take a hit,” he said.
“I don’t see a scenario in which prices don’t move up 20 cents between now and mid summer.”
Just a week ago, prices in the GTA were hovering around $1.54 cents per litre. The highest price ever recorded was on June 8, 2022, when the cost of gas hit $2.15 per litre.
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