GTA gas prices hit record high
Posted January 27, 2022 9:31 am.
Last Updated January 28, 2022 6:20 pm.
Gas prices in the GTA reached a new record high on Friday.
The price at the pump rose by two cents at midnight to $1.509/litre at midnight according to Chief Petroleum Analyst with En-Pro International, Roger McKnight.
The previous high was $1.499/litre which was reached in November.
McKnight says another record high is expected to be reached on Saturday when prices rise once cent to $1.519/litre at most GTA stations.
#Breaking. GTA gas prices are set to hit a record high Friday with world oil prices at the highest since 2014.
-up $0.02 to $1.509 per litre as of midnight tonight.
via @RogerMcKnight @enpro_energy— Mike Eppel (@eppman) January 27, 2022
Crude oil prices have hit a more than seven-year high and the energy sector remained up on Wednesday because of higher crude oil prices that pushed Suncor Energy Inc. and Whitecap Resources Inc. up 1.4 and 1.1 per cent, respectively.
The March crude oil contract was up US$1.75 at US$87.35 per barrel and the March natural gas contract was up 14.2 cents at US$4.04 per mmBTU.
West Texas Intermediate reached the highest level since September 2014 while Brent crude futures, the international oil benchmark, topped US$90.
Continuing tensions about Ukraine drove the increases, along with a weekly decline in U.S. inventories.
