Skip to main content

Gas prices in southern Ontario to spike to the highest level in months

Share

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.

CTVNews.ca Top Stories

BREAKING

BREAKING Toronto Raptors player Jontay Porter banned from NBA

Toronto Raptors player Jontay Porter has been handed a lifetime ban from The National Basketball Association (NBA) following an investigation which found he disclosed confidential information to sports bettors, the league says.

Earthquake jolts southern Japan

An earthquake with a preliminary magnitude of 6.4 hit southern Japan late on Wednesday, said the Japan Meteorological Agency, without issuing a tsunami warning.

Ancient skeletons unearthed in France reveal Mafia-style killings

More than 5,500 years ago, two women were tied up and probably buried alive in a ritual sacrifice, using a form of torture associated today with the Italian Mafia, according to an analysis of skeletons discovered at an archeological site in southwest France.

Stay Connected