Ontario gas prices expected to soar to new high this weekend

Gas prices are set to rise to a new record high yet again in Ontario.

Prices at the pump are expected to hit a record $214.9 per litre by Sunday in the GTA and most of southern Ontario, according to Canadians for Affordable Energy President Dan McTeague.

“The last one (record) by the way was $2.099 for one day, May the 18th. So, it’s not just here in Toronto (that prices are rising). Montreal will see the same thing, Vancouver will see the same thing. The Prairie provinces…will see the same thing, they're going to see prices move up into record territory,” he told CP24 on Friday.

The latest jump in prices comes after months of skyrocketing fuel costs, due to a fuel shortage primarily influenced by sanctions against Russia for its invasion of Ukraine.

McTeague has said that gasoline prices also tend to rise in the summer as people spend more time travelling.

He predicts prices could reach as high as $2.250 per litre at some point this summer.

“Perhaps some relief comes from last night's election if the government makes good on its commitments to drop taxes…but considering the overall magnitude of the shortage of supply of diesel, oil and most importantly gasoline during the summer season, you know, sky's the limit. Anything's possible and you're going to continue to see records shattered this summer.”

While on the campaign trail, Doug Ford’s Progressive Conservatives – who won a majority government for a second term – promised they would temporarily reduce the gas tax in Ontario by 5.7 cents per litre for six months starting July 1.