Analysts are sounding the alarm for motorists in the Greater Toronto Area (GTA) as gas prices are predicted to potentially skyrocket by 20 cents per litre leading up to the Victoria Day long weekend in May, continuing the upward trajectory witnessed in the region.
Over the past week alone, local drivers have already grappled with a steep 12-cent increase per litre, with the GTA’s average gas price currently hovering around $1.59 per litre, as reported by Gas Wizard and industry expert Dan McTeague.
This spike may just be the tip of the iceberg, with forecasts suggesting a possible surge of 20 cents per litre before the May 24 weekend, driven by an ongoing imbalance between supply and demand.
McTeague explained that several factors are contributing to this surge, including the seasonal transition from winter to summer gasoline, typically occurring in mid-April, accounting for a seven-cent increase per litre. Additionally, the impending carbon tax, set at 3.72 cents per litre and slated to take effect on April 1, adds further pressure on prices.
Reacting to the anticipated price hikes, motorists expressed dismay, labeling the news as “terrible” and highlighting the strain on their budgets. Some foresee reducing their driving activities as a means to cope with the escalating costs.
McTeague cautioned that unforeseen events like hurricanes in the Gulf Coast or pipeline disruptions could exacerbate the situation, potentially driving prices even higher.
As Toronto braces for potential record-high gas prices, residents are urged to stay vigilant and consider alternative transportation options to mitigate the impact on their wallets.
Analysts are sounding the alarm for motorists in the Greater Toronto Area (GTA) as gas prices are predicted to potentially skyrocket by 20 cents per litre leading up to the Victoria Day long weekend in May, continuing the upward trajectory witnessed in the region.
Over the past week alone, local drivers have already grappled with a steep 12-cent increase per litre, with the GTA’s average gas price currently hovering around $1.59 per litre, as reported by Gas Wizard and industry expert Dan McTeague.
This spike may just be the tip of the iceberg, with forecasts suggesting a possible surge of 20 cents per litre before the May 24 weekend, driven by an ongoing imbalance between supply and demand.
McTeague explained that several factors are contributing to this surge, including the seasonal transition from winter to summer gasoline, typically occurring in mid-April, accounting for a seven-cent increase per litre. Additionally, the impending carbon tax, set at 3.72 cents per litre and slated to take effect on April 1, adds further pressure on prices.
Reacting to the anticipated price hikes, motorists expressed dismay, labeling the news as “terrible” and highlighting the strain on their budgets. Some foresee reducing their driving activities as a means to cope with the escalating costs.
McTeague cautioned that unforeseen events like hurricanes in the Gulf Coast or pipeline disruptions could exacerbate the situation, potentially driving prices even higher.
As Toronto braces for potential record-high gas prices, residents are urged to stay vigilant and consider alternative transportation options to mitigate the impact on their wallets.