Skip to main content

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. Top Stories


LIVE UPDATES 'A very exciting day': Ukraine's Zelenskyy on Parliament Hill, Canada to offer more aid

Ukrainian President Volodymyr Zelenskyy is meeting with Prime Minister Justin Trudeau and cabinet on Parliament Hill, where he will give an address. Ahead of that, CTV News has confirmed the federal government will announce $650M in additional military assistance, including supplying more Leopard 2 tanks. Follow along for live updates.

McNaughton is third Ford cabinet minister to resign in past 3 weeks

Ontario Labour Minister Monte McNaughton announced on Friday he is stepping away from politics after accepting a job in the private sector. McNaughton is the third minister to resign from Premier Doug Ford's cabinet this month, though he said his departure is not connected to the unfolding Greenbelt development scandal.

Stay Connected