Ontario gas prices set to see historic single-day jump
Gas prices in Ontario are expected to jump by 10 cents later this week, a single-day jump that one industry analyst says has only happened a few times this decade.
According to industry analyst Dan McTeague, prices at the pump will increase as of midnight on Wednesday.
“You don’t see that very often,” McTeague told CTV News Toronto Monday night. “Normally you see 10 to 15 cents a litre over a two-day period but never in one big fell swoop.”
The average price of a litre of fuel in southern Ontario currently sits at 152.9 cents per litre. McTeague warns that drivers can expect to see that go up to about 162.9 cents per litre.
The increase is one of the highest single-day jumps the province has seen in the last decade, he said.
“It’s a shock to the system.”
This comes after gas prices on the west coast reached an all-time high last week.
- FULL LIST: Gas prices in Toronto
On Friday, Metro Vancouver set a new North American all-time record at 241.9 cents per litre at some stations.
Prices have risen in other provinces as well, with Manitoba seeing steady increases for over a month, reaching $1.86 per litre as of Monday.
Though drivers in the GTA likely won’t be happy about Wednesday’s increase, Ontario is the province with the lowest gas prices in the country, according to GasBuddy.com.
At the same time, McTeague says “this is as good as it’s going to get” and that prices could continue to increase near the end of the week.
CTVNews.ca Top Stories
Montreal man on the hook for thousands of dollars after a feature on his Tesla caused an accident
A Montreal man is warning Tesla drivers about using the Smart Summon feature after his vehicle hit another in a parking lot.
Israel closes Gaza crossing after Hamas attack and vows military operation 'in the very near future'
Israel closed its main crossing point for delivering badly needed humanitarian aid for Gaza on Sunday after Hamas militants attacked it, reportedly wounding several Israelis, while the defense minister warned of "a powerful operation in the very near future in Rafah and other places across all of Gaza."
Denial and uncertainty are looming over a Biden-Trump rematch 6 months out from U.S. Election Day
Exactly six months before Election Day, Biden and Trump are locked in the first contest in 112 years with a current and former president competing for the White House. It's a race that is at once deeply entrenched and highly in flux as many voters are only just beginning to embrace the reality of the 2024 campaign.
No proof man lied to brother about number of kittens born in litter, B.C. tribunal rules
A man was denied a $5,000 payout from his brother after a B.C. tribunal dismissed his claim disputing how many kittens were born in a litter.
Chemical spill could be cause of stinky water in Puslinch, Ont., new report says
People living in Puslinch, Ont. may have the answer to why their water smelled so bad last year.
opinion You don't need to be an influencer to earn income from social media
How legitimate are claims by some content creators that the average person can earn passive income from social media platforms like TikTok and Instagram? Personal finance columnist Christopher Liew says it's quite possible, if you're willing to put in the initial time and effort.
Madonna's biggest-ever concert transforms Rio's Copacabana beach into a massive dance floor
Madonna put on a free concert on Copacabana beach Saturday night, turning Rio de Janeiro's vast stretch of sand into an enormous dance floor teeming with a multitude of her fans.
Should you save or splurge on makeup this summer?
If you're wondering whether you should splurge or save when it comes to buying skincare products and makeup this summer, we got some answers for you.
‘Love has no boundaries’: Sask. couple in their 90s and 80s get married
Eighty-two-year-old Susan Neufeldt and 90-year-old Ulrich Richter are no spring chickens, but their love blossomed over the weekend with their wedding at Pine View Manor just outside of Rosthern.