Gas prices in Ontario are about to hit another unprecedented high this weekend, one expert says.
Across most of the province, prices are expected to hit $2.10 to $2.11 per litre on Saturday, said Dan McTeague, president of Canadians for Affordable Energy.
“Today, we saw a one cent increase and that brought us to $2.039,” he said on Thursday afternoon. “Tomorrow, it goes up again five cents a litre to $2.089, and unless something changes dramatically, we will be paying $2.109 by Saturday.”
“It’s a full penny higher than what we paid last time we broke our record on May 18, when it was $2.099.
Gas prices have been rising significantly for months due to supply shortages, heavily fuelled by sanctions against Russia for its invasion of Ukraine.
McTeague said summer time demand is making the situation worse in Ontario as people venture outdoors in the warm weather.
Depending on the outcome of the provincial election on Thursday, various parties have made promises to target the rising tax prices.
The Progressive Conservatives promised during their campaign that they would temporarily reduce the gas tax in Ontario by 5.7 cents per litre for six months starting July 1.
McTeague said he won’t be surprised if gas prices in Ontario reach up to $2.25 late into the summer.
