Gasoline prices across Ontario are expected to remain relatively stable in the short term, but rising global tensions are pushing diesel prices higher and raising concerns about long-term energy costs.
Analysts say gas prices may increase by just one cent per litre midweek, with little change expected immediately after. However, diesel prices are forecast to jump significantly, with a sharp increase expected by Thursday.
The uncertainty stems from escalating tensions involving Donald Trump and Iran, particularly around the Strait of Hormuz — a critical global oil route. Markets are holding steady for now as traders wait to see how the situation unfolds.
Energy experts warn the broader impact could be severe. Since the conflict began, fuel prices have already surged, with gasoline up more than 50 cents per litre and diesel rising even higher.
With global supply under pressure and demand intensifying, analysts caution that Canada could be heading toward a prolonged energy crunch, with sustained price increases affecting not just fuel, but transportation, food, and everyday goods.