Price of gas hits all-time record high across the GTA
Posted February 13, 2022 7:50 am.
Last Updated February 13, 2022 12:25 pm.
Motorists awoke to some sticker shock at the pumps on Sunday as the price of gas across the GTA soared to new record highs.
The price at the pump reached $1.609/litre at most stations and its expected to remain at that level for at least the next few days.
Enpro’s Roger McKnight says Russian threats to invade Ukraine have seen the price of oil spike on world markets by more than three per cent.
Brent crude, the international standard, rose 3.3 per cent to settle at $94.44 barrel on Friday amid the possibility that violence could disrupt supplies. U.S. crude rose 3.6 per cent to settle at $93.10 per barrel.
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“We have supply constraints, and so far, gasoline inventories are low… demand has gone the other way,” said McKnight.
“I was forecasting back in October that the first three months of 2022 would be the highest you’ve ever seen. I am going to stick by that.”
In late January, the price at most GTA gas pumps reached a high of $1.509/litre.
