Ontario motorists should brace for a substantial rise in gas prices later this week, with rates reaching heights last observed nearly two years ago, says an industry expert.
Dan McTeague, President of Canadians for Affordable Energy, informed that both Ontario and Quebec are poised for a sharp increase of 14 cents per litre by Thursday night.
This hike will elevate the gas price to $1.79 per litre in various Ontario cities, marking the steepest rate since August 2, 2022, according to McTeague. Meanwhile, in Quebec, the price per litre is set to rise to $1.88.
The forthcoming increase is attributed to the more expensive summer blend of gasoline. The less costly winter blend is not expected to return until autumn.
Previously, McTeague cautioned that the transition to the summer blend, coupled with the carbon tax hike and rising oil prices, would keep gas costs high throughout the spring and summer.