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Record gas prices: expected to increase more, experts say

According to Dan McTeague, Canada president for Affordable Energy, gasoline prices are expected to reach $2.11 per liter later this week as prices continue to rise.

“Gasoline prices will continue to rise in the coming months and it will hit all the provinces in Canada,” he told CTV News.

He predicts prices will hit a record $2.14 per liter on Sunday in the Greater Toronto Area (GTA) and much of Southern Ontario, pointing out that the final record is on May 18, when prices hit $2 per liter rate.

The current price hike comes after months of skyrocketing gas prices in the GTA, driven by scarcity of fuel supplies, coupled with a tightening in global energy supplies, exacerbated by sanctions imposed on them. placed on Russia because of the invasion of Ukraine.

Last year, Russia accounted for 14% of global oil supply, according to the International Energy Agency (IEA), and Western sanctions against Russia could create a significant vacuum in the market without it. a suitable alternative.

McTeague said other factors such as post-pandemic demand coupled with the arrival of summer are leading to a spike in prices as people do business outdoors.

Doug Ford’s Progressive Conservatives – who won a government majority for a second term – promised during the campaign that they would temporarily reduce the gas tax in Ontario by 5.7 cents per liter for six months starting July 1, but McTeague isn’t optimistic about more than temporary relief.

“I wouldn’t be surprised if prices in Ontario go up to $2.25 in the coming summer months,” he said.

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