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
LIVE Police arrest 3 in killing of B.C. Sikh activist Hardeep Singh Nijjar
Three people have been arrested and charged in the killing of B.C. Sikh activist Hardeep Singh Nijjar – as authorities continue investigating potential connections to the Indian government.
Five areas Canada's foreign interference commissioner says needs more investigation
Commissioner Marie-Josee Hogue released her interim report examining foreign election interference on Friday. Here are five elements of the issue that Hogue says she needs to further probe before she can make conclusions or recommendations.
Police officer hit by driver of fleeing vehicle in Toronto
York Regional Police say they are continuing to search for a suspect in an auto theft investigation who was captured on video running over a police officer in Toronto last month.
Why your airfare may be getting more expensive
Skyrocketing airfare prices are linked to heightened competition and rising food and fuel, according to the CAA.
WATCH LIVE Funeral today for broadcasting legend and voice of 'Hockey Night in Canada' Bob Cole
A funeral is being held today for hockey broadcasting legend Bob Cole in his hometown of St. John's, N.L.
TD worst-case scenario more likely after drug money laundering allegations: analyst
TD Bank Group could be hit with more severe penalties than previously expected, says a banking analyst after a report that the investigation it faces in the U.S. is tied to laundering illicit fentanyl profits.
New weight-loss drug Wegovy not a 'magic bullet,' doctor warns
As Wegovy becomes available to Canadians starting Monday, a medical expert is cautioning patients wanting to use the drug to lose weight that no medication is a ''magic bullet,' and the new medication is meant particularly for people who meet certain criteria related to obesity and weight.
BREAKING Foreign meddling 'did not affect' overall federal election results: inquiry report
Foreign interference by China did not affect the overall results of the 2019 and 2021 general elections won by Justin Trudeau's Liberals, a federal commission of inquiry has found.
Drew Carey is never quitting 'The Price Is Right'
Drew Carey took over as host of 'The Price Is Right' and hopes he’s there for life. 'I'm not going anywhere,' he told 'Entertainment Tonight' of the job he took over from longtime host Bob Barker in 2007.