Ontario Gas Prices Are Set To Reach $2 A Litre & Some Spots Could Be Even Higher

If your vehicle is running on empty, there's bad news ahead! Ontario gas prices have continued to climb through the weekend, with costs expected to reach $2 per litre or even higher in the coming days.

On Sunday, May 8, residents of Ottawa hoping to fill up at the pumps will have found gas for sale at up to 199.9 cents per litre, thanks to a four-cent hike overnight.

CTV News reports that prices in the region have been rising steadily this week, climbing from 191.9 cents a litre on Wednesday to 195.9 by Saturday.

Sunday's price is record-breaking for regular gas in the capital, where fuel previously cost just 82 cents per litre in May 2020.

It's the same story in other parts of the province too, with Toronto residents also forking out 196.1 cents per litre on average as of Sunday, according to CAA.

Prices are similarly high elsewhere in the GTA and in Kingston, London, Kitchener-Waterloo, Guelph and more.

Locals looking for the cheapest gas in Ontario should be looking toward Niagara-on-the-Lake and Sarnia, where average fuel costs are 185.9 and 180.9 cents per litre, respectively.

According to gas analyst Dan McTeague, these eye-watering prices aren't going anywhere soon, either.

He told CP24 that costs will likely soar well past the $2-per-litre mark before the month is over.

"We're looking at $2.10; another 10 cents the next two weeks," he said on Saturday.

And the costs are climbing faster at the pumps than even the experts expected.

"[These prices] are happening at least a week to two weeks before even I could have predicted in my wildest estimations, that we would see $2 by the May two-four weekend," he said.

There's a chance this could change though, depending on what happens with the ongoing conflict in Ukraine. If Russian forces were to retreat, there could be a drop in prices, according to McTeague.

"If Russia decides to back off, look for gas prices to drop, as well as oil, that would probably lead to an unexpected decrease in prices," McTeague said.

It's not just Ontario feeling the pinch at the pumps. Gas prices all over the country have risen, with costs jumping by four to eight cents across most urban areas over the weekend.

In Montreal, fuel now costs 202.8 cents a litre, while those in Quebec City are paying 196.9 cents.

In Vancouver, it has reached an average of 215.7 cents a litre as of Sunday.

Meanwhile, on the east coast, fuel is costing around 205.8 cents in St. John's and 190.9 cents in Halifax.

This article's cover image was used for illustrative purposes only.