Drivers in the Greater Toronto Area (GTA) are being advised to fill up before the long weekend, as gasoline prices are expected to rise significantly.
Dan McTeague, president of Canadians for Affordable Energy, said gasoline is currently selling for about 182.9 cents per litre. Prices are expected to increase to $1.83 per litre on Saturday and $1.87 per litre on Sunday, levels not seen in the region since mid-May.
Prices are expected to remain at these levels until next Thursday, although drivers may find lower prices in some smaller communities outside Toronto.
Gas Prices Could Fall Later
McTeague expects gasoline prices to decline by about 7 cents per litre in the coming weeks as the industry transitions from the summer fuel blend to the winter blend, which is generally cheaper to produce.
The United States has also allowed the early sale of winter-blend gasoline in an effort to help reduce fuel prices.
Temporary Decline in Diesel Prices
Meanwhile, diesel prices are expected to fall from about $2.43 per litre to $2.36 per litre by Sunday.
However, McTeague warned that diesel prices could rise sharply during the winter. He expects prices in Toronto to reach $2.75 to $2.80 per litre, while some parts of Canada could see prices approach $3 per litre.
The expected increase is linked to global supply shortages, as well as the impact of ongoing conflicts in the Middle East and Russia on global energy markets.
