According to one industry analyst, the price of gasoline in Ontario is projected to rise even further on Saturday.
According to Dan McTeague, President of Canadians for Affordable Energy, gasoline prices will rise by 12 cents to $1.85 per litre on Saturday. This comes on the heels of an 11 cent hike since Wednesday, a total increase McTeague claims he has never seen before.
“An increase of 23 cents per litre in the last 72 hours…
It’s unprecedented, and it doesn’t bode well for the summer,” he told CP24 on Friday.
The rise is largely due to a seasonal shift in the gas blends available at stations throughout the summer months.
“In other words, the kind of gasoline you get tends to change from April 15 until September 15. That’s a thing, it’s been around for the past 30 years,” McTeague said.
Saturday’s prices will come close to the record-high rates seen at the beginning of March, when drivers in the province saw a litre of gas go for $1.90 due in part to the Russian invasion of Ukraine.
However, the cost to fill up isn’t expected to drop anytime soon — and drivers should expect to see gas a litre of gas sell for $2 on “several days” throughout the summer, McTeague cautioned.
“Oil is going to remain in the vicinity of $105 to $125 a barrel. Summer demand driving is around the corner. I know that many people will probably rethink these prices and their desire to get on the road, but that’s not going to dampen global demand for oil,” he said.
“We will see, mark my words, $2 a litre on several days throughout the summer this year.”