Petrol prices set to hit record high over weekend: expert

Gasoline prices are expected to reach $2.11 or more per liter in parts of Canada this weekend as prices continue to rise, according to Dan McTeague, president of Canadians for Affordable Energy.

“Gasoline prices will continue to rise over the next few months and this will affect every province in Canada,” he told CTV News.

He predicts prices will hit a record high of $2.14 per liter by Sunday in the Greater Toronto Area (GTA) and most of southern Ontario, noting that the last record was on May 18, when prices reached $2 per litre.

The current price hike comes after months of soaring gas prices in the GTA, due to a shortage of fuel supplies, as well as a tight global energy supply, exacerbated by the sanctions imposed on Russia for its invasion of Ukraine.

Last year, Russia accounted for 14% of the world’s oil supply, according to the International Energy Agency (IEA), and Western sanctions against Russia could create a significant gap in the market without sufficient alternative in place.

Other factors such as post-pandemic demand as well as the onset of summer are driving price increases as people venture outdoors, McTeague says.

Doug Ford’s Progressive Conservatives – who won a majority government for a second term – promised during their election campaign that they would temporarily cut Ontario’s gas tax from 5.7 cents per liter for six months to beginning July 1, but McTeague isn’t optimistic for more than temporary relief.

“I wouldn’t be surprised if prices in Ontario hit as high as $2.25 over the next few summer months,” he said.

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