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.