Gas prices will be stable for long weekend but could spike next week: analyst
Gas prices will be mostly stable for a long weekend that is widely considered to be the kickoff to the summer driving season but at least one industry analyst is warning that there could be higher prices at the pump by this time next week.
Dan McTeague, president of Canadians for Affordable Energy, tells CP24 that the average price of a litre of regular fuel in the GTA will rise by one cent to 164.9 cents per litre overnight and could potentially go up by another cent on Sunday.
But McTeague said that the increases are not significant in the context of a Victoria Day long weekend that many often associate with higher prices at the pump.
“It looks like we are really going to avoid that usual idea that gas prices go up on a long weekend but what is critical to understand is we don’t make gas prices in Canada, in fact they are largely determined by the U.S.,” he said. “Because their Memorial Day long weekend doesn’t happening until next week we are unlikely to see any major spikes until Thursday or Friday of next week. At that point if it is anything like the last 30 years I have been doing this we are probably going to see a seven cent increase and we will be back at $1.70 to $1.72 per litre.”
Gas prices in the GTA hit a two-year high of 179 cents per litre back in mid-April with the switchover to summer fuel but since then drivers have gotten a little bit of relief.
McTeague, in fact, said that gas prices have come down approximately 16 cents a litre over the last month after going up 14 cents on April 18.
While that has been a relief for some drivers, he said that it is important to remember that prices are still up about 10 cents per litre compared to this time last year.
“There is a couple factors there. We didn’t have the four cent increase on the carbon tax (last year) and we had a stronger Canadian dollar that shielded us from another two cents a litre,” he said. “We have also seen oil move up from about $73 or $74 a barrel to $79 a barrel.”
In 2022 gas prices surged due to a number of geopolitical factors and at one point hit a record 214.9 cents per litre in the GTA.
CTVNews.ca Top Stories
![](https://www.ctvnews.ca/polopoly_fs/1.6976926.1721883767!/httpImage/image.png_gen/derivatives/landscape_800/image.png)
LIVE UPDATES Critical infrastructure 'successfully protected': Jasper park officials
Jasper National Park officials in an update said all critical infrastructure in the townsite has been 'successfully protected, including the hospital, emergency services building, both elementary and junior/senior schools, activity centre and wastewater treatment plant.'
Canadian Olympic Committee removes women's soccer team's head coach over drone scandal
The Canadian Olympic Committee has removed women's national soccer team head coach Bev Priestman over a drone scandal, according to a press release from the organization.
'I was just shocked': Jasper lodge owner on seeing property destroyed by wildfire
On Wednesday night, the owner of Maligne Lodge in Jasper, Alta., was shocked to receive a photo of her business engulfed in flames.
Prince William's 2023 salary revealed in new report
Newly released financial reports show that William, the Prince of Wales, drew a salary of $42.1 million last fiscal year, his first since inheriting the vast and lucrative Duchy of Cornwall.
Yukon woman narrowly escapes bear attack, credits hair clip
A woman in Yukon believes her hair clip helped save her during a bear attack.
P.E.I. and New Brunswick among most overworked provinces in Canada, study finds
A study says Prince Edward Island is the second most overworked province in Canada based on average weekly hours worked, while New Brunswick falls in third.
Mary-Ellen Turpel-Lafond likely has Indigenous DNA: report
The Law Society of British Columbia says a DNA test shows a former judge and Order of Canada recipient accused of falsely claiming to be Cree "most likely" has Indigenous heritage.
Alberta premier says a third, perhaps half, of all Jasper buildings destroyed by fire
Alberta Premier Danielle Smith says early reports indicate a third and perhaps up to half of all buildings in the historic Rocky Mountain resort town of Jasper have burned in a wildfire.
OPINION Prince Harry: Press intrusion and the family rift explored in new doc
Prince Harry, the Duke of Sussex, has once again found himself at the centre of media attention following his recent interview as part of 'Tabloids on Trial,' an ITV documentary on phone hacking and tabloid intrusion.