Toronto, GTA gas prices expected to hit highest price of year on Friday
Posted August 10, 2023 11:55 am.
Last Updated August 10, 2023 3:15 pm.
Gas prices are expected to hit their highest price of the year across the Greater Toronto Area on Friday, spiking an additional three cents to 173.9 cents a litre according to En-Pro.
The previous high for 2023 sits at 170.9 — the level it soared to in both July and early August.
But sadly, it’s expected to get worse.
Some experts are forecasting that the price at the pumps could tickle $2 a litre this fall.
“$1.90 or $1.85 is very possible, and more importantly. We’re going to stay there,” said Dan McTeague, President of Canadians for Affordable Energy.
McTeague blames supply issues for the surge.
“We’re seeing supply continually dwindling and the fact that OPEC has in no small way contributed to this by saying ‘we’re gonna cut back a million barrels a day’ on top of the million that Saudi Arabia has committed to, it means that it’s leaving the world short about a million-and-a-half barrels a day compared to demand at any time.”
The weak Canadian dollar is also adding about 28 cents a litre to the price of fuel, with the federal government’s carbon tax adding 14 cents to every litre.
Last June, gas prices peaked at $2.15 a litre as COVID-19 restrictions started to lift.
Experts don’t believe prices will reach those levels this year but that’s little solace for drivers.
“I don’t know how we’re gonna survive,” one driver told CityNews on Wednesday.
“It’s out of my control,” another conceded. “I don’t know what to do about it it. I don’t like it. But I can’t do anything.”
With files from Lucas Casaletto and Tina Yazdani
