GTA gas prices hit five-month high after overnight jump
Posted April 18, 2023 9:55 am.
Last Updated April 19, 2023 8:22 am.
It’s sticker shock at the gas pumps for GTA drivers on Wednesday morning.
The price at the pumps are increased by eight cents overnight, bringing the average price at most GTA stations to 164.9 cents/litre. It marks the highest price in the region since last November.
Drivers react to an expected 8-cent jump in gas prices tonight. It will raise average price to almost $1.65/litre-not seen since the Fall. Gas price experts believe even higher prices are coming. pic.twitter.com/bhaD697keh
— carl hanstke (@carlCityNews) April 18, 2023
“This comes as a bit of a head scratcher,” says CityNews Senior Business Editor Mike Eppel. “The price for oil has been down. Wholesale refined gas is down 10 cents per gallon in the past week.”
Some experts say the price jump could be attributed to a switchover from winter to summer gas blends. Prices are expected to continue an upward trend heading into the summer months.
The average price at most GTA stations peaked at 214.9 cents/litre in June of last year before falling to 133.9 cents/litre in December.
The latest gas prices for Toronto and the GTA can be found here.
