Ontario Gas Prices Are Set To Go Up Again Tomorrow & Here's Where You Can Save Some Money
This is no fun.
Petro Canada gas station.
A sizeable uptick has caused Ontario gas prices to soar across the province on Wednesday, and judging by the latest predictions, Thursday will be far from a saving grace.
According to gas analyst Dan McTeague, the price at the pump will shoot up another 6 cents on Thursday, bringing totals to 168.9 cents per litre for cities such as Toronto, Waterloo, Hamilton, Windsor, and Kingston.
So what's causing gas prices to increase? McTeague told Narcity it's linked to a recent shift in the energy markets.
"OPEC (The Organization of the Petroleum Exporting Countries) proposing to cut oil production finally has energy traders realizing $78 a barrel oil isn't sustainable," the gas analyst said.
Only two cities will dodge the spike, Thunder Bay and Ottawa. The former sits at 196.9 cents per litre and the latter at 162.9 cents per litre. So, notable but not worth celebrating.
Peterborough, a city that usually offers some of the province's cheapest gas, is set to rise by 7 cents on Thursday. The hike puts the area at 165.9 cents per litre, which is still cheaper than the average, but just barely.
Other notable exceptions include Cornwall and Oshawa, both set to offer a slightly cheaper 166.9 cents per litre on Thursday.
Drivers who want to avoid paying the most for gas in the face of these steadily rising rates might want to try commuting or carpooling until the weekend when they have the chance to fuel up for cheap.
"Weekend evenings tend to be slightly cheaper as gas bars lose some of their retail margins for a few hours," McTeague explains.
"Many stations part with some of their 7-9 cent a litre retail margin which is included in the price, to attract more volumes of sales when traffic slows down."