Gas prices in Ontario jumped 14 cents overnight. Here’s when they will drop
Gas prices jumped an average of 14 cents per litre overnight in the GTA, climbing to levels not seen in nearly two years as the switch from winter fuel to a more expensive summer blend pushes up the price at the pumps.
Dan McTeague, the president of Canadians for Affordable Energy, told CP24 on Thursday that in past years, that switchover typically results in an increase of about six to 10 cents per litre.
“In warmer (weather)… Refiners are required by law to change the blend of gasoline to introduce things that become less volatile. The most important ingredient is alkylates and alkylates are extremely expensive,” he said. “The cost of that product has really skyrocketed.”
Gas prices for most of Ontario now sit at around 179.9 cents a litre. McTeague said the good news is there will be a five cents per litre drop at the pumps by Friday.
While 179.9 cents per litre may be the highest price motorists have seen in quite some time, it is well short of the record high, which McTeague said was set on June 11, 2022 when the price of gas hit 215 cents per litre.
Gas prices typically remain elevated during the summer months but come back down again in mid-September when the cheaper winter fuel blend returns, McTeague said.
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