According to one researcher, gas prices in the Greater Toronto Area are expected to hit $2.10 per litre by the end of the month.
After weeks of growing gasoline expenses, mostly due to Russia’s invasion of Ukraine, gas prices are already at a record 195.9 cents per litre and are likely to touch 199.9 cents per litre tomorrow.
According to one expert, it is unlikely to end there. According to Dan McTeague, president of Canadians for Affordable Energy, petrol prices will most likely exceed $2 per litre by the end of May.
“We’re looking at $2.10; another 10 cents the next two weeks,” he told CP24 Saturday morning.
In addition to the war, the European Union’s recent decision to stop Russian gas imports by the end of the year can also be attributed to rising gas prices.
Earlier this week, McTeague predicted that gas costs would hit $2 per litre by May long weekend but admits that prices are rising faster than he thought.
“(The) highest prices and they are happening at least a week to two weeks before even I could have predicted in my wildest estimations, that we would see $2 by the May two-four weekend,” he said.
However, McTeague notes that there is a chance Russian forces could retreat in Ukraine as soon as this week in light of the nation’s Victory Day, causing a drop in prices at the pumps.
“May 9 is the big day in which Russia may make a decision to perhaps, we would hope, change its mind on Ukraine. It’s a big important Memorial Day for Russians in terms of the Second World War.”
“If Russia decides to back off look for gas prices to drop, as well as oil, that would probably lead to an unexpected decrease in prices,” he added.
Gas prices have risen by about 50 per cent since last May, when drivers were paying around $1.30 per litre to fill up.
Yesterday, a spokesperson for Metrolinx said the transit agency is not planning to raise GO and UP Express fares amid rising fuel costs.