Key Takeaways:
- Gas prices in the GTA and portions of southern Ontario are expected to surpass a record $214.9 per liter by Sunday, as per Canadians for Affordable Energy President Dan McTeague.
In Ontario, gas prices are expected to hit a new all-time high.
As according to Canadians for Affordable Energy President Dan McTeague, gas prices in the GTA and much of southern Ontario are likely to approach a record $214.9 per liter by Sunday.
“By the way, the last one (a record) was $2.099 once per day on May 18. So it isn’t just happening in Toronto (that prices are rising). The same thing will happen in Montreal, which will happen in Vancouver. He told CP24 that the Prairie provinces “would see the same thing; they’ll see prices climb up into record territory.”
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The current price hike comes after months of increasing fuel prices, owing to a fuel shortage exacerbated by sanctions imposed on Russia for its invasion of Ukraine.
According to McTeague, gas prices tend to climb in the summer because people travel more.
He thinks that prices might go as high as $2.250 per liter by the end of the summer.
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“If the government follows through on its commitments to cut taxes, perhaps last night’s election would provide some comfort… However, given the overall scale of the diesel, oil, and, most critically, gasoline supply shortages throughout the summer season, the sky’s the limit. Anything is possible, and records will continue to be broken this summer.”
Doug Ford’s Progressive Conservatives, who won a majority govt for a second term, stated during the campaign that the gas tax in Ontario would be reduced by 5.7 cents per liter for 6 months starting July 1.
Source: CTV news
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