GTA gas prices could surge to $2 per litre
Experts say rising gas prices won’t improve any time soon
Bad news for GTA drivers: gas prices are predicted to continue rising as a result of attacks on Iran carried out by Israel and the United States.
Throughout Toronto, gas prices reached 173.9 cents a litre this week.
Related: A ship carrying $90,000 worth of cargo for a Toronto food bank was hit near Iran
In an interview with CP24, analyst Dan McTeague said he expects surges to continue increasing, especially once summer-grade gasoline arrives to gas stations. That switch is expected to happen in mid-April.
“If it goes to $1.83 by then, it’ll be $1.93. There’s a very strong possibility here that the longer the conflict goes, along with the added burden of these summer-spec gas blends being introduced, that we could see $2 a litre—something we haven’t seen in four or five years here in the GTA,” McTeague said.
The only way for prices to come down, he said, is for the conflict in the Middle East to end.
And even then, Warren Mabee of the Queen’s University Institute for Energy and Environmental Policy, told CityNews, “It will take at least a few months for this to work its way through the system before prices start to return to something closer to the pre-conflict pricing.”
Related: Forty-three per cent of Canadians say they’re less likely to travel to the US
Carly Lewis is a journalist whose work has appeared in the New York Times and the New York Times Magazine, Vanity Fair, Wired, Interview Magazine, Pitchfork, Elle, and Maclean’s, where she is a contributing editor. Her work has been recognized by the National Magazine Awards and the Digital Publishing Awards. She reports on city life, culture—including what people do online—politics, art and crime. She received the Dave Greber Freelance Writers Award for “The Murder of Ashley Wadsworth,” an investigative feature about a Canadian teenager who was killed by a man she met on social media, published by Maclean’s.
