GTA gas prices hit all-time high, expected to keep climbing
Posted May 6, 2022 6:36 am.
Last Updated May 6, 2022 10:23 pm.
Gas prices have never been higher in the GTA and the cost to fill up the tank is only expected to keep climbing in the days ahead.
The price at the pumps jumped five cents overnight to 195.9 cents a litre at most stations.
Chief Petroleum Analyst at En-Pro International, Roger McKnight says gas prices will be up to 196.9 cents a litre on Saturday, and by Sunday, drivers could see another five cent climb to a record of over $2 a litre in the GTA.
He says drivers will need to face the reality that the damage to their wallet is only going to get worse.
“I think in the next month to six weeks it’s going to be absolutely scary,” he says. “I can’t see anything slowing this thing down.”
McKnight is predicting another two cent hike at the pumps on Saturday. The previous record of 190.9 cents per litre was initially set on March 10, it was equalled again earlier this week.
“Prices are breaking records right across the country,” he says.
Gas prices rise to new record high $1.95/litre leading to some expensive fill-ups. Another 2-cent jump expected tonight. Some analysts predict we’ll be paying $2/litre by/before May long weekend. Drivers predict prices will climb even higher before they start to fall back pic.twitter.com/fSevuVvBrd
— carl hanstke (@carlCityNews) May 6, 2022
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The price of oil has been climbing steadily this week and the increase on Friday is largely the result of oil companies raising their profit margins amid supply and demand issues.
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. The EU recently chose to ban all oil imports from Russia by the end of the year.
McKnight says that the price of gas is following the surging cost of diesel fuel and he sees no relief on the way.
“Diesel fuel prices are actually driving gasoline prices right now,” he says. “I don’t wanna be the speaker of doom, but this doesn’t look good.”
With files from CityNews reporter Melissa Nakhavoly
