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Gasoline prices: New highs expected in parts of Ont. this weekend

Many areas of Ontario are expected to see gasoline prices above $2 per liter this weekend for the first time as prices continue to rise nationally.

While $2 per liter for regular gas will be a first for many parts of Ontario, motorists who have found the pain of being pumped in recent weeks have become all too familiar.

Prices in the province are expected to rise 5 cents on Saturday. According to Canadian gasoline price prediction website GasWizard, the majority of cities in the province, including Toronto, London and Ottawa, are likely to hit $2.02 per liter.

Analysts say a continuation of the increase could even lead to an average price of $2.20 per liter at this rate.

“We are looking at the new normal maybe $2.10 to $2.15 maybe $2.20,” Dan McTeague, Canada president for Affordable Energy, told CTV National News.

As of Friday night, the national average price of gas stood at $1.93 a liter. The highest prices in the country can be found in Newfoundland and Labrador, with gas stations charging $2.15 per liter. Alberta has the lowest prices with an average of $1.66 a liter.

Meanwhile, the big energy companies seem to be making big profits.

Cenovus and Esso-owned Imperial Oil both posted record profits in their first-quarter reports. Cenovus reported $1.6 billion, up $220 million from last year. Imperial Oil, meanwhile, brought in $1.17 billion; Best first quarter they’ve had in 30 years.

McTeague said national gas prices are likely to hit $2.10 by the weekend of Victoria Day.

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