According to Dan McTeague, the president of Canadians for Affordable Energy, this is the case.
Gas prices are likely to climb by six cents across much of the province on Thursday, and another five cents on Friday, according to McTeague in an email to Global News.
Gas prices are expected to rise from 162.9 cents per liter on Wednesday to 173.9 cents per liter on Friday, according to him.
Toronto and the Greater Toronto Area, Hamilton, London, Ottawa, Kitchener, Barrie, Windsor, and Niagara will all face price increases, according to McTeague.
“And there’s no telling where that will stop there,” he told Global News. “Refiners haven’t passed on yet.” “The usage of summer gasoline blends, which have a somewhat higher price tag of roughly seven cents per liter. As a result, we could see $1.80 at many gas stations in Toronto and across the province in the not-too-distant future.”
When asked if gas prices could touch $2 per liter anytime soon, McTeague replied it “wouldn’t be very difficult to get there.”
“Now that the federal carbon tax has taken effect, we’ll be moving from winter to summer fuel,” he explained. “All it would take is a return to around $115 to $120 per barrel for prices to hit $2 per liter.” And I believe that is very likely.”
According to him, prices are more likely to rise than fall.
“As a result, I believe it’s very evident that we’re in a situation where prices in Canada are going to continue to rise.”
Summer will be “extremely expensive,” he predicted, with prices exceeding $2 a liter “more than likely” in Toronto.
Now is the moment, according to McTeague, to fill your tanks.
“Of course, keep an eye on your budgets this summer since things aren’t going to improve,” he added.
According to McTeague, prices in Montreal are likely to jump to 175.9 cents per liter.
Diesel prices are expected to climb by seven cents on Thursday, reaching 187.9 cents per liter in Toronto, according to GasWizard.ca.
Gas prices have plummeted, according to McTeague, because of fears of another COVID-19-related lockdown in China, which would reduce demand.
He also expressed concern that the Strategic Petroleum Reserve of the United States might be “unleashed.”
“All of those things happened, and they had no effect on the market,” he explained. “The market is indicating that there is a truly fundamental problem here — an oil shortage, and even more so for gasoline.” So prepare yourself.”
Furthermore, McTeague stated that “like it or not,” gas costs always rise in the summer.
“That’s why I believe prices will remain high, and $2 a liter wouldn’t be out of the norm.”