Toronto Gas Prices Could Rise Up To $2 A Litre By The Summer & Here's Why

Toronto may see an influx in cyclists.

Toronto Staff Writer
A truck in front of a Petro-Canada gas station in Ontario.

A truck in front of a Petro-Canada gas station in Ontario.

If you've been hoping to see positive change at the pumps these past couple of days, you might want to brace yourself because the summer will be heartbreaking for

Dan McTeague, gas analyst and president of Canadians for Affordable Energy, confirmed to Narcity that he believes that gas prices will continue to rise before settling at $2 per litre for most of the season.

The grim news comes after rates rose for two days straight in the GTA, potentially bringing prices to a dismal 188.9 cents per litre on Saturday.

So, what's causing gas prices to reach these depressing heights? McTeague says it comes down to a variety of factors.

"Market is being held back by talk of COVID- related shutdowns in China. Once this ends, demand will get even hotter," he said. "On the supply side, same problem: years of ESG -drive underinvestment and penalties for emissions from production are disincentivizing the industry from exploration and developing future supplies."

"They're making money sitting on what they have," he adds.

"A weaker Loonie, carbon taxes, and 13% tax doesn't help," the expert concludes.

The ludicrous rates have not gone unnoticed by the Ontario government, with Minister of Finance Peter Bethlenfalvy announcing on Thursday that gas taxes will be cut for six months due to rising prices.

The initiative will slice the gas tax by 5.7 cents per litre and the fuel tax by 5.3 cents per litre for six months beginning July 1, 2022.

Hopefully, the move will give Torontonians some much-needed relief because let's face it, it's expensive enough as it is.

This article's cover image was used for illustrative purposes only.

More from Narcity

Comments 💬

Our comment section is a place to promote self-expression, freedom of speech and positivity. We encourage discussion and debate, but our pages must remain a safe space where everyone feels comfortable and the environment is respectful.

In order to make this possible, we monitor comments to keep spam, hate speech, violence, and vulgarity off our pages. Comments are moderated according to our Community Guidelines.

Please note that Narcity Media does not endorse the opinions expressed in the comment section of an article. Narcity Media has the right to remove comments, ban or suspend any user without notice, or close a story’s comment section at any time.

First and last names will appear with each comment and the use of pseudonyms is prohibited. By commenting, you acknowledge that Narcity Media has the right to use & distribute your content across our properties.

Loading...