Toronto gas prices hit new highs

Gas prices have again reached a new record after rising six cents a liter overnight.

As of midnight, the average price of a gallon of fuel in the Greater Toronto Area is now 208.9 cents a gallon, according to Canadians for Affordable Energy President Dan McTeague.

The latest jump means gas prices have risen by 11 cents a liter since Friday, with no real relief in sight due to supply shortages caused by Russia’s decision to invade Ukraine and the international sanctions imposed as a result.

“If you look at the fundamentals, supply and demand for diesel and gasoline in the summer season, not only is it low or critically low and that’s one of the main reasons why prices are rising, but the second factor is the Canadian dollar.” , McTeague told CP24 last week. “It continues to show weakness despite the fact that in the good old days, when oil cost $100 a barrel, we would be on par with the US dollar. If we don’t, it will cost you 33 cents per litre.”

Gasoline prices have risen about 60 percent since May last year, when drivers paid about $1.30 a gallon to fill up.

Leave a Comment