Ontario Gas Prices Are Set To Rise Tomorrow & This Cheap Spot Could Record A Major Spike
Waiting to fuel up could prove tricky this week, thanks to a potential spike in Ontario gas prices.
According to Gas Wizard, the province could see one of its cheapest spots for gas prices record a whopping 10.3-cent increase on Wednesday, robbing it of its affordability.
Peterborough, which typically offers cheaper gas prices than the rest of Ontario, could see its rates rise from 144.6 to 154.9 cents per litre by hump day.
If predictions prove accurate, the shift will put the city much closer to 156.9 cents per litre that most cities, including Toronto, Windsor, Ottawa and St. Catharines, are set to pay on Wednesday.
The shift will also leave Sudbury, typically one of the most expensive places to fuel up in Ontario, offering the cheapest gas in the province at 153.2 cents per litre.
Other possible fluctuations include a 9-cent spike for the city of Kingston, which could bring the area back into the fold, leaving it at 156.9 cents per litre.
Narcity recently contacted gas analyst Dan McTeague to see where fuel costs are heading in Ontario, who revealed that several factors are in play.
"Hard to say when the markets have been hijacked by bots and algorithms that tend to follow economic forecasts and headlines rather than fundamentals (supply and demand)," McTeague said. "As a result, oil and fuel remain significantly undervalued and likely to remain fixed."
The Canadian Automobile Association (CAA) has Ontario's average gas price at 154.5 cents per litre as of Tuesday, with the province on a two-day upwards trend.
Anyone looking to get the most up-to-date and accurate data on gas should always visit CAA's website on the day of their travel.
