Gas prices set to soar across the GTA at midnight
Posted August 26, 2023 10:02 am.
Last Updated August 26, 2023 10:31 am.
Gas prices are set to soar overnight, climbing to one of the highest levels of the year across the GTA on Sunday.
The price at the pump is set to rise four cents to 171.9 cents/litre, just two cents shy of the highest prices seen this month.
It’s the third time in August prices have risen three cents or more and the fifth time prices have eclipsed the $1.70 mark.
The average price of a litre of gasoline across Canada on Saturday was 164.8 cents, according to CAA.
The month of August has seen some of the highest prices at the pumps this year and some experts have warned the situation is likely to get worse this fall.
“$1.90 or $1.85 is very possible, and more importantly, we’re going to stay there,” Dan McTeague, President of Canadians for Affordable Energy, told CityNews earlier this month.
Last June, gas prices peaked at $2.15 a litre as COVID-19 restrictions started to lift.
Supply issues, the weak Canadian dollar and OPEC cutbacks on production have all been mentioned as contributing factors to the roller-coaster prices experienced this month.
