Get ready for more pain at the pumps – gas prices are expected to jump 3.7 cents in the Greater Toronto Area on Wednesday night.
Regular gasoline will cost as much as $1.21 per litre at some stations during the Thursday morning commute, according to Tomorrow's Gas Prices Today, a website that monitors gas prices.
It's the second increase in as many days. Gas prices jumped 1.8 cents per litre Tuesday night.
The increases are due to the violent unrest and uncertainty in Libya and other countries.
World oil prices have spiked due to the ongoing conflict in the North African nation.
There are fears that the price of crude oil could jump even higher if the unrest continues or spreads to other oil-producing nations.
Libya is the world's 18th largest oil producer, pumping out about 1.8 million barrels of oil per day, or a little under two per cent of global daily output. The OPEC country also sits atop the biggest oil reserves in Africa.
Investors and analysts fear the unrest could limit the amount of oil being produced and exported, reducing supply and causing the price of crude oil to rise.
The spread of violence in Libya drove oil prices Tuesday to their highest levels since October 2008. It also sent the Toronto Stock Exchange and the loonie plummeting as investors worry that the global economic recovery may be derailed by the sharp rise in oil prices and swelling inflation.
With files from The Canadian Press
