Analysts warn the Greater Toronto Area (GTA) could see gas prices soar by 20 cents per litre between now and the May long weekend, continuing the upward trend in the region.
Local drivers have already seen gas prices in the region rise by 12 cents per litre in the past week alone, with the average price of gas in the GTA currently sitting at around $1.59 per litre, according to the website Gas Wizard and industry analyst Dan McTeague.
This is just the beginning of what could be a 20 cent per litre increase between now and the May 24 weekend, as supply continues to be outstripped by demand.
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As for what’s driving the increase, McTeague told Global News there are several factors at play.
“We have the switchover from winter to summer gasoline, which happens around the second to third week of April … that’s seven cents a litre,” said McTeague.
“And, of course, we have to consider the carbon tax at 3.72 cents a litre coming into effect on April 1,” he added.
Global News spoke to motorists about the expected gas price increases, many of whom called the news “terrible.”
“Gas is killing me every day,” said one driver, who added that prices are already too expensive.
Another motorist called the latest 12 cent increase “ridiculous,” and said he expects to see drivers starting to drive less to save money.
“A lot of people will vacate driving as much as they possibly can at this point in time,” he said.
McTeague noted that the looming spike in gas prices doesn’t take into account unpredictable factors such as hurricanes along the Gulf Coast or pipeline disruptions, so there’s a chance that prices could go up even further.
© 2024 Global News, a division of Corus Entertainment Inc.
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