Ontario Gas Prices Have Already Broken Records & Are Set To Rise Again Tomorrow

If you're planning to wait out Ontario gas prices on Friday in the hopes that they'll drop over the weekend, here's some bad news.

According to Gas Wizard, pump prices will rise by yet another cent on Saturday, bringing the total to 152.9 cents per litre in the GTA after already breaking records on Friday.

Gas prices rose by 2 cents on Friday, pushing the total to 151.9 cents per litre for the GTA and 150.9 cents per litre for most other cities in Ontario.

The increase beat Ontario's previous all-time record, which was set back in early November.

According to Dan McTeague, gas price analyst and president of Canadians for Affordable Energy, the reasoning for the province's sudden spikes in gas prices could be directly linked to ongoing world events.

"Continued oil supply shortage in the face of surging global demand and escalation of tensions between Russia and the Ukraine has markets nervous about overall future supplies," he told Narcity.

McTeague also revealed that prices aren't expected to dip down anytime soon, so let that be a warning to those waiting to fill up.

"We are also looking at another hike to 153.9 or 154.9 for Toronto and the GTA on Sunday," he added.

However, it isn't all doom and gloom; at least four areas in Ontario are predicted to see their prices remain unchanged on Saturday, including Thunder Bay, Kingston, Peterborough.

Oshawa, which sits at 151.9 cents per litre, is also not predicted to bump up to another cent tomorrow, so if you're nearby and want cheaper gas, it could be worth the trip.