Southern Ontario gas prices expected to jump overnight, hit 9-month high soon
Gas prices in the Greater Toronto Area (GTA) and much of southern Ontario are expected to see a significant jump overnight, and could reach a nine-month high by Friday, according to one industry analyst.
The cost of buying fuel in the region is expected to reach 1.71 cents per litre on Thursday, up four cents compared to today’s price, says Dan McTeague, president of Canadians for Affordable Energy.
Prices are expected to rise again Thursday night, reaching 1.73 cents per litre on Friday, which would be the highest fuel prices have been since November of last year, McTeague says.
He cites the recent rise in global oil prices for the expected increase. McTeague also says that this could signal the beginning of a significant rise in fuel prices as we head into the fall.
The U.S. is seeing a similar rise in gas prices, in part due to Saudi Arabia’s decision to extend its unilateral production cut of 1 million barrels of oil a day through the end of September in its effort to boost flagging energy prices.
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