Gas prices in Toronto-area set new record high again, could rise further over the weekend

Gas prices in the Greater Toronto Area (GTA) have risen once again, eclipsing a previous record high set just days before.

By Friday afternoon, gas prices in the GTA had hit between 194.5 cents per litre and 195.5 cents per litre — depending on the retailer — marking a new record-high in the region.

Just days earlier, on Wednesday, gas prices reached 191.9 cents pre litre, surpassing the record high of 190.9 cents per litre set back in March.

Read more: Gas prices in Toronto-area surpass record high, could rise further this week: analyst

In an interview with Global News, Dan McTeague, president of Canadians for Affordable Energy, said prices are expected to jump another cent overnight, pushing the price per litre to 196.9 cents.

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“If that weren’t enough, 197.9 (cents per litre) or perhaps even 198.9, (cents per litre) by Sunday, it’s too early to tell,” he said. “The markets have not decided which way to go yet.”

According to McTeague, several factors including a weak Canadian dollar, supply and demand issues and the federal carbon tax have pushed gas prices higher.

“We’ve cut off oil pipelines in this country, (and) the rest of the world has found plenty ways not to produce enough oil and the world demands more oil, the supply just isn’t there,” he said.

Click to play video: 'Gas prices hit $2 per litre in Montreal' Gas prices hit $2 per litre in Montreal

Gas prices hit $2 per litre in Montreal

McTeague said the Canadian dollar is no longer keeping pace with the U.S. dollar.

“The fact that it isn’t right now (and that) it takes 120 pennies to buy a U.S. dollar, is adding about 30 cents a litre of gasoline,” he explained.

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Read more: Gas prices to rise again in GTA, may surpass $2 per litre this month: Analyst

McTeague said it’s not only gasoline that is becoming more expensive, adding that diesel prices are also “shooting up” to almost 250 cents per litre.

“That’s the workhorse of the Canadian economy,” he said, noting that farmers, manufacturers and airlines purchasing jet fuel will all be impacted.

“It is becoming very much the summer of our discontent, the proverbial perfect storm,” he said.

McTeague said while these prices “might come down a little bit,” he said the days of gas prices below 150 cents per litre are “over unless we go into a global recession.”

McTeague previously told Global News that he expects drivers in the GTA could see gas prices at $2 a litre after the May long weekend.

© 2022 Global News, a division of Corus Entertainment Inc.

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