Some some fuel stations in Toronto are selling regular gasoline for up to $1.389 per litre, but cheaper gas has been spotted in the GTA.

Torontogasprices.com has identified some stations coming in substantially lower, but prices for the bargain stations are from Friday and could have risen.

The two cheapest stations as of 6:45 p.m. Saturday are:

  • Pioneer, 2317 St Clair Ave W and Cobalt Ave - $1.339
  • Star Gas, 3180 Danforth Ave and Madelaine Ave - $1.325 
  • Olco, 727 Kipling Ave., and Jutland Rd. - $1.299 
  • AMCO, 720 Sheppard Ave. E and Provost Dr. - $1.339 

The latest rise in gasoline prices is a national phenomenon. Hurricane Ike is striking the Gulf Coast of Texas, and the Gulf of Mexico is a crucial area for U.S. oil and natural gas production.

There are also numerous refineries in that part of Texas, and any shutdown there affects the continental retail gasoline market, analysts have said. 

Saturday's gas price jump followed a major hike on Saturday, as prices in Toronto and across Canada jumped about 13 cents per litre.

On Sept. 9, the M.J. Ervin consulting firm in Calgary said Toronto's average price was $1.259 per litre, compared to a Canadian average of $1.30.

Political reaction

NDP Leader and Toronto MP Jack Layton lambasted "big oil" in a speech at a party election rally in the city on Saturday.

"As your prime minister, I promise to stand up for you and face the big oil companies," he said, and referred to the "rip off" at the gas pumps.

He told of cabbies in Toronto who work 12 and 13-hour days who are being hurt by high fuel prices.

"When you hike up gas prices like is happening now, that taxi driver sometimes has to work the whole 12 hours without making any money for him or his family because he's having to pay those kinds of costs," Layton said.

At the same time, large oil companies are making huge profits "and gouging us," he said, noting the international price of oil has been in decline.

Layton wants a government agency to monitor gas prices. "If oil companies collude, under our plan they'll be investigated. If we catch them at it they'll be prosecuted. And the rip-offs will be stopped," he said.

Other political leaders have also weighed in on gas prices.

Conservative Leader Stephen Harper has said he will announce a plan later in the campaign to ease the pain of high prices.

Liberal Leader Stephane Dion has said he wants to give competition regulators more power to investigate oil companies.

For all of the political outrage, gasoline industry experts like Calgary's Michael Ervin of M.J. Ervin and Associates say there is an "indistinct" relationship between the day-to-day movements in the price of oil and gas.

For example, the price for oil quoted in news reports this week is for an October futures contract, meaning the refinery won't actually take delivery of the oil until next month.