Gas Prices Are Going Up In Ontario This Weekend & They're Going To Keep Rising
They're going up 3 cents on Saturday.
If you're looking to fill up your tanks, you might want to stop at a gas pump this Friday. Ontario gas prices are going to rise on Saturday according to gas price analyst Dan McTeague. However, this won't be the only jump the pumps will see as prices are expected to keep rising over the next few weeks.
In a tweet, McTeague revealed that Ontario will see gas prices rise by three cents on Saturday, which will set prices in the GTA to around 83.9 cents a litre.
Narcity reached out to Dan McTeague for more details on why prices are escalating.
"This is the cost associated with the shift from winter to summer fuel," he wrote.
According to the American Automobile Association (AAA), summer blend fuel is more expensive to produce, and it's also more efficient.
"Conventional summer-blend gasoline contains 1.7 percent more energy than winter-blend gas, which is one reason why gas mileage is slightly better in the summer," according to a news release.
However, Dan McTeague says the summer-blend isn't the only reason prices are rising, and the COVID-19 lockdown is also playing a factor.
"Refineries don’t want to be caught with fuel they can’t sell, given plummeting demand with Covid’s lockdown, and most don’t have expansive inventory. So they are cutting back on production, giving support to gasoline and diesel, while hastening they drop in oil prices."
While areas such as Toronto, Ottawa, Hamilton, Barrie and Windsor are all expected to see the price of gas rise this weekend, McTeague says it's only the beginning.
"Prices could continue to inch up as I have been suggesting for weeks," he warned Narcity.
Sincehave been steadily falling as COVID-19 made its way across the globe.
Because of the steady decline, Ontario has seen some of thewe've had in over a decade.
So, if you're looking to fill up your tank sometime this weekend, Friday night might be your best bet.