Ontario Gas Prices Have Been Rising Again & People Are Already Bracing For $2 A Litre
Brace yourself, drivers. Ontario gas prices are on an upward trend again, and the return of $2 a litre could be closer than you think.
According to the latest data by both Gas Wizard and the Canadian Automobile Association (CAA), pumps have been on a steady incline in January, with the former slating that prices have gone from 146.9 to 154.9 cents per litre in just under two weeks.
CAA's website shows a similar pattern of upticks, with last week's average slated at 146.2 cents per litre and Monday's at 150.8 cents per litre.
The pricey trend hasn't gone unnoticed by the public. On Sunday, the question "Why did gas just go up in price?" was posted in Ontario's Reddit thread, with many users weighing in on the cause.
"Rich folks playing the futures market is the correct answer. Gasoline futures have risen more than crude despite gasoline inventories rising. Seems like speculation on future Chinese demand," wrote one user.
"Because removing taxes on gas will temporarily see a dip in price, and the inevitable rise will just give a profit boost to the oil and gas company shareholders rather than benefit provincial constituents," added another.
Some in the thread were convinced that the province's pumps would return to $2 a litre, which gas analysts Dan McTeague told Narcity is a strong possibility.
"I think the higher price will be here longer and won't peak in the drop. I think it'll move up slowly between now and June, measurably, you know, 10 cents a month until we hit probably about $2 a litre, but rather than dropping back to a buck sixty by September, October, it will stay in the 1.80, 1.90 range," he said.
Redditors also blamed Canada's carbon tax and poor handling of the energy markets for the rising gas prices, which are points McTeague stressed as well.
"I think the average price in 2023 is far more painful than 2022," the gas analyst said while denouncing the federal government's commitment to raising "carbon taxes faster than the rate of inflation."
This article's cover image was used for illustrative purposes only.
