Gasoline prices in Ontario will hit record highs this week. That’s when it will happen

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The average cost of a liter of gas in Ontario will set a new record on Friday, and at least one industry analyst is warning that “it’s going to get a lot more taxing for drivers” over the next few weeks.

Gasoline is currently averaging 190.9% per liter at most service stations, matching the previous all-time high reached on March 10.

But Dan McTeague, who is the president of Canadians for Affordable Energy, told CP24 in an interview that he expects prices to rise by around a nickel on Friday, to 194.9 or 195.9. cents per litre.

“It’s going to get a lot more painful and it’s going to last a lot longer. There’s really nothing in sight that would bring those prices down,” he said. “It’s a very serious situation, it’s going to keep adding inflationary pressures on everything and I think it’s high time we started taking this issue seriously; not just inflation but energy affordability in particular. .”

WHY IS GAS SO EXPENSIVE RIGHT NOW?

McTeague said a decision by the European Union to ban the purchase of Russian oil by the end of the year is likely to drive up costs, as is the possible lifting of COVID-19 lockdowns in China who removed the request.

He said a continued shortage of diesel in the northeastern US is also perhaps “the most worrying thing” right now, as some refineries may be “thinking twice about gasoline production ” in order to be able to concentrate on the production of diesel.

“This creates a scenario of escalating energy prices that, unfortunately, our politicians in Ottawa seem completely oblivious to,” he said.

Gasoline prices have risen about 50% since last May, when drivers paid about $1.30 a liter to fill up.

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