GTA gas prices to climb again after big overnight jump
Posted May 24, 2023 12:35 pm.
Last Updated May 25, 2023 1:27 pm.
GTA drivers are waking up Thursday to the highest gas price in weeks with another increase on the way.
The price at the pumps jumped five cents at midnight to $1.639/litre at most stations. It’s the highest price in the region since mid-April and one cent off the highest price in 2023.
The price will jump again on Friday by three cents, according to Roger McKnight, Chief Petroleum Analyst at EnPro International. That increase will bring the average price in the GTA to the highest since November 2022.
Gas prices will have gone up 13 cents in the past eight days, including a four cent jump last week on the Friday heading into the Victoria Day long weekend.
Experts have said shifting factors including wildfires in Alberta, a slowing economy and potential pressures on supply will all have an effect on gas prices as we head into summer.
Demand for all types of gas is up — especially for jet fuel, indicating lots of interest in travelling outside the country, said Roger McKnight, Senior Petroleum Analyst at EnPro International. He says that means prices will likely be higher for the next couple of months, perhaps cresting US$80.
This week’s rising price is a spillover of slumping supply and increased demand ahead of the Memorial long weekend. American drivers are expected to get out in record numbers during the summer driving season.
The American wholesale supply is at the lowest level since 2014.
GTA gas prices peaked last summer at a record $2.149/litre in June 2022 before falling to $1.339/litre in December. The latest GTA gas prices can be found here.
With files from CityNews Senior Business Editor Mike Eppel
