Gas prices could spike another 8 cents on Friday: analyst
Posted March 2, 2022 3:28 pm.
Last Updated March 3, 2022 10:47 am.
Gas prices are expected to soar another eight cents on Friday, hitting a new record high of $1.749 in the Greater Toronto Area.
That’s according to chief petroleum analyst at En-Pro International, Roger McKnight, who’s deemed it a “driving season from hell” with no relief in sight as the world reels from the Russian invasion of Ukraine.
The burgeoning cost of petrol prompted the NDP to table to a bill on Wednesday that aims to regulate gas prices in Ontario.
In a release, the NDP said the Fairness in Petroleum Products Pricing Act will require the Ontario Energy Board to regulate the retail price and wholesale mark-up of petroleum products in the province.
“At a time when the cost of housing, child care, groceries and everything else is rising fast, record high gas prices are taking a big bite of out family budgets,” said NDP Leader, Andrea Horwath.
“Doug Ford had three years to fix this problem and stop the gouging. But, like the Liberals, he’s siding with his buddies in the oil and gas industries, and the rest of us are paying for it.
“You’re getting gouged at the gas pump. Let’s fix it.”
Cutting the price of gas by 10 cents per litre was a key 2018 election promise made by Premier Ford. So far, he hasn’t been able to keep it.
Ford did eliminate the cap-and-trade system, a move that was intended to lower the price by 4.3 cents, but it triggered the federal carbon tax, negating the 4.3 cent cut.
In November, Ford maintained he would reduce the gas tax by 5.7 cents, but when pressed on Monday if he could live up to that vow, he said it was contingent on the federal government lowering the carbon tax.
Ford and Horwath clashed over the cost of gas at Queen’s Park on Wednesday.
“Actions are greater than words,” Horwath chided Ford. “The premier didn’t take on the gas companies like he said he was going to do.”
NEW – High gas prices were a big topic during question period at Queen’s Park. NDP leader Horwath asked the Premier why he’s not making good on a promise to lower gas prices. Ford responds by saying Horwath wants “The largest carbon tax increase in the world” pic.twitter.com/RFjKc7yXGE
— Richard Southern (@RichardCityNews) March 2, 2022
With files from Richard Southern and Lucas Casaletto
