Residents in Mississauga, Brampton, Halton, Hamilton, and other parts of southern Ontario are bracing for yet another spike in gas prices, marking the fifth increase within a single week.
The cost of fuel has been steadily climbing since January, when regular gas prices hovered around 150.9 cents per litre. By February, prices had crept up to 153.9 cents per litre.
The latest forecast indicates a further escalation, with a 1.9 cent increase expected at midnight on March 17. This would amount to an 11 cent surge in less than a week.
Analysis from GasWizard.ca reveals that prices held steady at 147.9 cents per litre from March 10 to March 12, before suddenly climbing to 151.9 cents. Subsequently, prices have continued to rise by an average of two cents over the course of six days.
Gas Wizard prices are based on extensive industry experience, drawing from over 30 years of expertise, as emphasized by Dan McTeague, former Member of Parliament and current president of Canadians for Affordable Energy.
Comparatively, the same period last year (March 2023) witnessed notable fluctuations in gas prices across the region, peaking at 152.9 cents per litre and dropping to as low as 139.9 cents.
As motorists grapple with escalating fuel costs, the consistent upward trend in gas prices underscores the challenges faced by consumers and the broader economic implications of fluctuating energy markets.