Drivers across the Greater Toronto Area are bracing for another surge in fuel prices, with analysts warning that gas could soon reach $2 per litre — a level not seen in several years — as global tensions continue to disrupt energy markets. Prices have already climbed to around $1.72–$1.74 per litre across the Greater Toronto Area, with further increases expected in the coming days.
Energy analyst Dan McTeague says prices could jump by another 10 cents per litre once summer-grade gasoline blends are introduced in mid-April. If current trends continue, that could push prices close to $1.93 per litre — with a strong possibility of hitting the $2 mark if geopolitical tensions persist.
The recent spike is largely tied to escalating conflict in the Middle East, particularly involving Iran, which has disrupted global energy supply chains. A key concern is the instability around the Strait of Hormuz, a critical passage through which about one-fifth of the world’s oil supply flows. Any disruption in this region has immediate global impacts on oil prices.
McTeague noted that Brent crude prices have surged nearly 50 per cent since the conflict began, pushing fuel costs higher worldwide. He also highlighted the role of Qatar, one of the world’s largest suppliers of liquefied natural gas, warning that attacks on energy infrastructure could further strain supply and drive prices upward.
Beyond the pump, rising fuel costs are expected to have a ripple effect across the economy, particularly on food prices. Higher diesel costs increase transportation expenses for goods, which ultimately leads to more expensive groceries for consumers. “These prices will increase food prices — that’s inevitable,” McTeague said.
Short-term fluctuations are expected, with minor price drops followed by increases over the next few days. However, the broader outlook depends heavily on how long the conflict continues. Analysts say that if tensions ease, oil prices could fall quickly, bringing relief to drivers and consumers alike.
For residents in the GTA, including communities like Brampton and Mississauga, the situation adds further pressure on household budgets already dealing with rising living costs, making fuel and food affordability a growing concern heading into the summer months.