Gas prices in GTA set to hit record high this weekend
Posted June 10, 2022 6:16 am.
Last Updated June 10, 2022 10:00 pm.
Just in time for the weekend, gas prices in the GTA are set to rise to yet another record high on Saturday.
Roger McKnight, Chief Petroleum Analyst at En-Pro, tells CityNews the price at the pumps will rise by four cents a litre on Saturday at most GTA stations to a new record high of $2.159.
Earlier this month, the price for a litre of regular gasoline hit a record high of $2.149 per litre. It dropped slightly to $2.109 and $2.119 earlier this week.
Since the beginning of the month, the price of gasoline has climbed 13 cents to surpass the previous high of $2.09 a litre set last month.
The average price in the GTA was sitting around $1.30 per litre one year ago.
Experts believe rising oil prices will only contribute to more expensive costs at the pumps. Crude oil prices are up by roughly 60 per cent for the year, and much of the jump is due to Russia’s invasion of Ukraine.
As prices continue to rise, all eyes are on the provincial government as prior to the election campaign, Premier Doug Ford promised to temporarily reduce the gas tax by 5.7 cents per litre for six months beginning on July 1.
With files from John Marchesan and Michael Ranger of CityNews; and The Associated Press
