Gas prices set to hit new record-high Friday for Toronto, GTA
Posted May 5, 2022 6:39 am.
Last Updated May 5, 2022 1:03 pm.
Drivers who need to fill up the tank will want to do it on Thursday with gas prices in the GTA set to reach an unprecedented mark at midnight.
The price of regular is expected to rise to 195.9 cents per litre at most GTA stations on Friday, according to En-Pro Chief Petroleum Analyst Roger McKnight.
The current record of 190.9 cents per litre was initially set on March 10, it was equalled again earlier this week. The record was matched once again Wednesday morning when Esso increased their retail margin by one cent to raise the price from the previously announced 189.9 to 190.9 cents.
“This is not because of an increase at the posted wholesale level, but just because Esso thought it was time to increase their profits at the pump,” says McKnight.
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The price of oil has been climbing steadily this week and the increase on Friday will again be the result of oil companies raising their profit margins.
Disrupting the supply demand metrics in the North American oil market is the amount of exports going overseas to the European Union and Latin America.
Some analysts suggest drivers could be paying the $2 a litre range by the time the May long weekend arrives.
With files from CityNews 680 Senior Business Editor Mike Eppel
