Drivers across the Greater Toronto Area are facing a sharp increase in fuel costs as global tensions in the Middle East continue to affect energy markets.
According to data from affordableenergy.ca, the price of regular gasoline rose six cents on Wednesday to $1.439 per litre and climbed another three cents on Thursday to $1.469 per litre across the GTA.
Dan McTeague, president of Canadians for Affordable Energy, said prices are expected to continue rising in the coming days.
McTeague predicts the price could increase by another two cents on Friday and as much as five cents on Saturday, potentially pushing the average price of gasoline in the GTA to $1.539 per litre.
Just a week earlier, on Feb. 28, drivers were paying about $1.359 per litre, according to gaswizard.ca.
If the projected increases materialize, the region will see a total jump of roughly 18 cents per litre within seven days.
Analysts say the rising prices are largely tied to instability in global oil markets caused by escalating tensions and military conflict in the Middle East, which has disrupted supply expectations and driven crude oil prices higher.