Ontario Gas Prices Are Set To Rise Tomorrow & It'll Be The Highest Its Been In Months
Prices haven't been this high since 2022! 💸
After several days of no change, Ontario gas prices appear to be embarking on yet another upwards trend, so pay attention, drivers!
According to gas analyst Dan McTeague, gas prices could rise by three cents on Friday, bringing totals up to 166.9 cents per litre in areas such as Toronto, Hamilton, Ottawa, Windsor and St. Catharines.
\u201cIn Case You Missed It \u2026\nThe only thing holding back a breakout in \u26fd\ufe0f prices is the preoccupation of markets over the US debt ceiling \u2026 depending on how that goes, prices will rise rapidly or decline as quickly after the Memorial Day long week-end in the US\nThen cue OPEC \u2026\u201d— Dan McTeague (@Dan McTeague) 1685011880
If predictions hold, the increase will follow the 5-cent uptick the province recorded on Thursday and bring prices to the highest they've been since late 2022.
"These are the highest prices since [November] 10," McTeague tweeted on Wednesday.
On the bright side, the sizeable uptick in gas prices will be far from universal for the province.
For example, the city of Peterborough, which often offers some of the cheapest gas in Ontario, is set to see its stations offer 158.9 cents per litre on Friday, according to Gas Wizard.
Cornwall is also on track to record lower gas prices than the rest of the province, topping off at 159.9 cents per litre on Friday despite recording a whopping 10-cent increase.
The Canadian Automobile Association (CAA) has Ontario's average gas price at 156.1 cents per litre, with energy markets on a two-day upward trend. So, conditions are certainly ripe for an increase.
Why are gas prices so high in Ontario?
"Left to supply and demand fundamentals, gasoline should be aiming towards $1.90 a litre. Unfortunately, panicking markets are distracted by irrelevant headlines, including a U.S. debt default, interest rates, inflation and global recession," McTeague told Narcity on Thursday.
Who controls gas prices in Canada?
Shell Canada states that gasoline and diesel fuel, as refined products, are globally traded commodities at the wholesale level. Refining companies like Shell and Esso determine their wholesale prices for each commodity by considering the supply and demand in Canadian and international markets.