Drivers should fill up their tanks on Tuesday as gas prices in Ontario are forecast to rise over the next few days, with one industry analyst warning that more spikes are possible.
Dan McTeague, Canada’s president of Affordable Energy, told CP24 Tuesday morning that he expects the price of a liter of gasoline in Ontario to rise two or three cents on Thursday.
That’s a 10 cent increase expected just after midnight on Wednesday, bringing the average gas price to 162.9 cents a liter. McTeague previously noted that this was one of the highest one-day increases in the province in the past decade.
“So if you see $152.9 here in the GTA or Ottawa, or anywhere across most of southern Ontario, you might want to fill up today. I don’t see this getting any better” , McTeague said.
“And it’s really been driven by global circumstances, specifically that OPEC (Organization of the Petroleum Exporting Countries) has the ability to cut oil production … to bring oil prices back to where they believe they are. it should be, is 90 USD/barrel compared to 76 USD (or) $77.”
The cuts will further squeeze already tight oil supplies, which is a concern as McTeague noted that demand continues to be strong.
“And I think many analysts believe – certainly the market is showing that there should have been demand destruction… I think they are all proving to be significantly wrong,” McTeague said. .
“We will start to see prices rise not only for diesel but also for gasoline.”