The price of gas in southern Ontario is set to spike to its highest level since the fall on Wednesday
Drivers in the Greater Toronto Area should expect to see a nearly 10-cent hike at the pumps when they fill up tomorrow, according to Canadians for Affordable Energy President Dan McTeague
Prices in the GTA and much of southern Ontario have been hovering at 156.5 cents per litre and will make the jump to 164.9 overnight — a number unseen since Nov. 15
And, according to McTeague, prices could go even higher in the coming months as winter gas blends are swapped out for summer blends
“Sooner or later, markets are going to have to realize that the fundamentals support higher prices, not lower prices,” McTeague told CTV News Toronto
“This is really only the beginning of what could be a bit of a gas price or energy price cycle that could push us back to — not what we saw last year when it was to 215.9 on June 8 here in the GTA and across most of Ontario — but more consistently, you know, the upper $1.70 to $1.80 range pretty much over the year.”
McTeague said he’ll be closely watching south of the border to see if their federal government decides to pause raising interest rates, which will have a direct effect on the price at the pump
The fed’s next interest rate announcement is set for May 3
Until then, and as Ontarians look to hit the road this summer, there is one way to save on gas according to McTeague: buy outside the city
“A lot of gas stations up north where I go, Peterborough, for instance, tend to be, you know, eight to nine cents cheaper,” he said. “Retailers [there] are very competitive. Versus perhaps some of the GTA where you know, it’s always the same price.”
