Drivers across Ontario are expected to pay more for fuel this weekend, with gasoline prices continuing to rise and little immediate relief in sight.
After starting the week on lower expectations tied to hopes of easing tensions in the Middle East, fuel prices have climbed again as conflict-related disruptions affected shipping through the Strait of Hormuz, one of the world’s most important energy corridors.
According to fuel analyst Dan McTeague, gasoline prices in Ontario are expected to increase by five cents per litre on Saturday, with no further change forecast for Sunday.
Diesel is also projected to rise by two cents per litre on Saturday before falling four cents on Sunday.
The latest increases follow previous jumps earlier in the week, when gasoline and diesel already moved sharply higher.
Energy markets have been reacting to renewed instability involving the United States and Iran, with disruptions to shipping lanes adding pressure to global oil and natural gas supplies.
The Strait of Hormuz is a vital route for world energy trade, carrying a large share of global seaborne oil and liquefied natural gas. Any threat to traffic in the area often causes prices to rise internationally, which then filters down to Canadian pumps.
McTeague says even if a lasting peace deal is reached and shipping returns to normal, prices may remain elevated for some time due to damaged infrastructure, depleted inventories and supply shortages already created by the conflict.
For motorists hoping to save money, he recommends filling up after 6 p.m. in the Greater Toronto Area, when stations often lower their retail margins. He also notes fuel prices are frequently cheaper outside major urban centres.
With volatility continuing in global energy markets, Ontario drivers may need to prepare for higher costs beyond this weekend.