Ontario Gas Prices Are Set To Rise This Week & They'll Actually Break Records

Ontario gas prices fluctuate so much that most drivers never really know what they're in for at the pump or how badly it will dent their bank accounts. Luckily, one expert is giving residents some warning of rising prices this week.

Dan McTeague, gas price analyst and president of Canadians for Affordable Energy, revealed in a tweet on Wednesday that prices will rise 2 cents per litre on Thursday, bringing the price to a total of 149.9 cents per litre for Toronto and the GTA.

The same hike will bring prices to $148.9 cents per litre for cities like Hamilton, London, Barrie, Kitchener, Niagara, Windsor and Ottawa.

As if that wasn't bad enough, Toronto could also see its gas prices reach record-breaking levels by Friday thanks to another spike in the energy market.

"If energy markets hold up today, Toronto/GTA prices will rise 2 cents tomorrow to 149.9 cts/l," McTeague told Narcity.

"If markets stay the course, the increase will be 2 cents for Friday as well, pushing prices to 151.9 cents a litre for the GTA and 150.9 cents for most other cities outside the GTA. That would be 2 cents above the all-time record for Ontario set on November 4," he added.

According to Gas Wizard, Peterborough will see its gas prices drop by 1 cent, bringing its total to 143.9 cents a litre by Thursday. So at least one region won't see their gas bill skyrocket.