Gas prices in the GTA rise by 20 cents over 4 days
Posted October 28, 2022 9:03 am.
Last Updated October 28, 2022 5:39 pm.
Drivers in the GTA continue to feel the pinch at the pumps as the price for gas climbs toward the $2-a-litre mark.
Roger McKnight, Chief Petroleum Analyst at En-Pro International, told CityNews that the price of gas is expected to rise another four cents on Saturday to $1.809/litre at most GTA stations — a price not seen since August.
With the latest increase, gas prices will have gone up by 20 cents over four days, from Wednesday to Saturday.
Back in June, the price at the pumps hit a record $2.149 a litre. The price then fell to $1.439 a litre in September — the lowest since January.
Gas prices have been rising in sync with commodity market prices this week.
Wholesale refined gasoline jumped 12 per cent in reaction to what’s being described as a gasoline shortage on the U.S. Eastern Seaboard, which affects the local market.
Bloomberg reports gasoline supplies in the New York area are 25 per cent below comparable levels last year.
The increase at the pumps comes as ExxonMobil reported a net profit of $19.7 million in its third quarter on Friday, its highest profit in its 152-year history, as a result of sky-high profit margins on every litre sold and rising natural gas prices.
