Gasoline prices in Toronto are expected to rise for the second day in a row
The price at the pump is expected to rise further tomorrow, after rising overnight, prices jumped 6 cents on Wednesday morning.
Roger McKnight, chief oil analyst at En-Pro International, tweeted Wednesday afternoon that gasoline prices are expected to rise by seven cents on Thursday to 173.9 cents per liter.
The price hike comes as gasoline and diesel production fails to meet consumer demand, said Dan McTeague, president of Canadians for Affordable Energy and a former Liberal MP.
“We started to see post-COVID prices start to rise and accelerate, and that happened before the invasion of Ukraine,” he said.
« It’s a fundamental supply and demand issue, » McTeague added.
The cost of gasoline on Wednesday was 166.9 cents per litre.
Thursday’s gasoline price will be the highest fuel cost GTA drivers have had to pay since Aug. 12, when motorists paid 174.9 cents per litre.
“We are only at the start of what could be another spike in energy prices, not just for gasoline, but also for home heating and natural gas,” Mc Teague said. .
Gasoline prices are up 30-40% from last year’s levels. In June, prices exceeded the $2 per liter benchmark.
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