Saskatchewan Examiner

Over the weekend, gas prices are projected to hit a new high

Gas prices are projected to hit a new high this weekend.

Key Takeaways:

  • Gasoline prices are expected to approach $2.11 or more per litre in some parts of Canada this weekend, according to Dan McTeague, president of Canadians for Affordable Energy.

As per Dan McTeague, president of Canadians for Affordable Energy, gasoline is projected to hit $2.11 or more per liter in certain parts of Canada this weekend as prices continue to rise.

“In the following months, gas costs will continue to rise, affecting all provinces in Canada,” he told CTV News.

He expects that prices in the Greater Toronto Area (GTA), like much of southern Ontario, will approach a new high of $2.15 per liter by Sunday, noting that the previous high was set on May 18 when prices hit $2 per liter.

As per the Canadian Automobile Association, the average rate of gas in Ontario on Saturday was around 206.6 cents or $2.06 per liter, up from 186.1 cents or $1.86 per liter last month and 128.2 cents or $1.28 per liter last year (CAA).

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According to McTeague’s Petrol Wizard, regular gas prices in Edmonton and Calgary are predicted to remain unchanged on Sunday at $1.87 as well as $1.89 per liter, respectively.

The highest per-liter pricing in Vancouver was $2.14, with a forecast of $2.36 per liter by Sunday.

The recent price increase follows months of rising petrol prices in the GTA due to a gasoline supply shortage and a tightening of the global energy supply, compounded by sanctions imposed on Russia for its invasion of Ukraine.

Gas prices are projected to hit a new high this weekend.
Gas prices are projected to hit a new high this weekend. Image from FINAX NEWS

According to the International Energy Agency (IEA), Russia supplied 14% of global oil last year. The West’s sanctions against Russia might leave a substantial gap in the market if no adequate alternative is available.

According to McTeague, other variables, such as post-pandemic demand and the arrival of summer, are causing price increases as people head outside.

Doug Ford’s Progressive Conservatives, who gained a majority govt for a second term, promised during the campaign that they would cut the gas tax in Ontario by 5.7 cents each liter for 6 months beginning July 1. Still, McTeague isn’t enthusiastic about more than that.

“I wouldn’t be surprised if prices in Ontario hit $2.25 in the next summer months,” he predicted.

Source: CTV News

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