Gas Prices Are Going Back Up In Ontario This Week (VIDEO)
If you've been paying attention to gas prices in Ontario recently, you may have noticed that they've been dropping. However, according to gas price analyst Dan McTeague that will be coming to an end this week. Ontario pumps will see their prices rise by three cents on Thursday, and another two on Friday, McTeague predicts.
Since January, Ontarians have gradually been paying less for gas amid the COVID-19 pandemic. As people start to travel less and work from home, the price of gas continues to drop.
However, if you want to cash in on those extra low prices, you might want to fill up tonight, as prices are set to rise.
McTeague revealed in a tweet that prices will be at 68.9 cents a litre for most of southern Ontario, including the GTA on Thursday.
Residents can then expect to see prices jump to around 70.9 cents a litre on Friday.
Despite the dramatic rise in pricing, gas will still remain under 80 cents a litre for the time being. McTeague shared his opinions in an email to Narcity about why he thinks prices are going up.
"The early indications are that fuel prices may have bottomed out," he wrote.
Now that people aren't driving around as much, output and production could also have been slowed to match the demand.
Although oil prices are looking unclear for the near future, it looks like they may have bottomed out, at least "for now," according to McTeague.
However, given the uncertain timeline of how deeply the world will be affected by the novel coronavirus, it's hard to predict what gas prices will look like in the next month.
"Hard to say how this will all end given the fluidity of the spread of the virus — but the fate of oil and petroleum markets are the best economic indicators of its effect," McTeague wrote.
In the meantime, Ontarians who need to fuel up should aim to get it today to avoid the three-cent jump expected tomorrow and a further two-cent jump on March 27.
Even for a long-time gas price analyst like Dan McTeague, it is looking unclear."I can usually say what happens in a week, but these are unusual times," he wrote to Narcity.
Just last week, prices dropped to the lowest they've been in over a decade.