Gas prices have officially reached a new record high across the Greater Toronto Area and are on the brink of passing the $2 per litre mark this weekend.
At midnight, the average price of a litre of regular gasoline rose another four cents to 194.9.
However, at least one station was advertising gas for 192.9 cents per litre.
Regardless, it tops the previous record of 190.9 cents per litre that was first set back on March 10.
Drivers are unlikely to get relief anytime soon, either.
According to Canadians for Affordable Energy President Dan McTeague, gas prices will climb to 195.9 cents per litre on Saturday before going up to 199.9 cents per litre on Sunday.
He noted that gas prices could be at 200.9 cents per litre at some stations.
Speaking with CP24 earlier this week, McTeague warned that he expects gas prices to continue to rise, likely topping $2 a litre by the Victoria Day long weekend.
The expected rise is largely attributed to the war in the Ukraine as well as the European Union’s recent decision to cease Russian gas imports by the end of the year.
“This is going to get a lot more painful and it is going to be a lot more long-lasting. There really isn’t anything in sight that would cause these prices to drop,” McTeague said on Wednesday. “It is a very serious situation, it is going to continue to add inflationary pressures on everything and I think it is high time we started to take this issue seriously; not just inflation but energy affordability in particular.”
Gas prices have risen by about 50 per cent since last May, when drivers were paying around $1.30 per litre to fill up.
The increase in the cost at the pumps has, in turn, pushed the price of other consumer goods up.
On Friday CP24 spoke with one fish monger, who regularly makes trips from Nova Scotia with a trailer full of seafood that he sells to local restaurants.
He said that he spent $1,600 in gas just to get to Ontario and is now questioning whether he can continue to make the trip.
The cost for filling up his pickup truck on Friday morning alone was $280.
“I have customers, restaurant owners here, that depend on my fish product for their restaurants but at the same time I am raising my prices to supplement for the gas pricing and they are telling me that they can’t afford it,” Rejean Cromwell said. “$1,600 to fill up a truck and a trailer full of seafood for 18 hours. It’s hard. I try to bring the best product to the people in Ontario but at the same time I am going to have to stop because I can’t afford to come down anymore.”
