• GTA Drivers May See Diesel Above $2 Per Litre This Weekend
Ontario drivers are expected to face significant increases in gasoline and diesel prices this weekend, as tensions in the Middle East continue to disrupt global energy markets.
According to Dan McTeague, diesel prices could rise by 14 cents per litre on Saturday, followed by an additional two-cent increase on Sunday.
If the forecast holds, diesel prices in the Greater Toronto Area could exceed $2 per litre, with some stations already reporting prices approaching that level.
Gasoline prices are also expected to rise, with an estimated seven-cent increase on Saturday and a further one-cent rise on Sunday, potentially pushing regular gasoline prices above $1.50 per litre in the GTA.
McTeague warned that the situation in global energy markets remains unpredictable.
“The sky’s the limit,” he said, referring to the potential for further increases if geopolitical tensions continue.
Global Conflict Impacting Oil Supply
Rising fuel prices are largely linked to the ongoing conflict in the Middle East, where attacks on refineries, shipping vessels and energy facilities have disrupted oil and natural gas supplies.
Particular concern surrounds the Strait of Hormuz, a crucial shipping route used to transport oil from major producers such as Iran, Iraq, Saudi Arabia and the United Arab Emirates.
Any disruption to shipping through the strait can significantly impact global energy prices.
Strategic Oil Reserves May Ease Pressure
McTeague suggested that the United States may release oil from its Strategic Petroleum Reserve, one of the world’s largest emergency oil stockpiles, to help stabilize global oil prices.
However, analysts say such measures would likely provide only short-term relief if the conflict continues.
Possible Ripple Effect for Consumers
Higher fuel costs could soon affect consumer prices across Canada, as transportation companies, airlines and shipping firms may pass rising fuel costs on to customers through surcharges or higher prices for goods and services.
Experts say the coming days will be critical, as oil market activity early next week could determine whether fuel prices continue to rise further.