Ontario drivers are expected to face a rise in gas prices this November, driven by a combination of global oil market shifts, a weaker Canadian dollar, and upcoming carbon pricing regulations. Dan McTeague, president of Canadians for Affordable Energy, anticipates an increase of five to seven cents per litre over the month, with prices already beginning to climb. Most of this surge is expected by late November.
The recent decline in oil prices offered relief at the pump, but with the U.S. election concluded, market restraints have eased, and oil demand remains high. “We could be looking at higher prices for the month ahead,” McTeague noted, citing what he calls a “tipping toward an energy bull run.”
A weak Canadian dollar further compounds the issue, reducing purchasing power on fuel imports. With colder weather approaching, diesel prices, in particular, are set to rise in response to increased seasonal demand.
Looking ahead, Ontario drivers face further increases due to Canada’s Clean Fuel Regulations, set to take effect early next year, and another carbon tax hike in April. These changes will add a few cents per litre to gasoline and diesel costs. McTeague anticipates a sustained upward trend in fuel prices, with little relief in sight.