In Ontario, the relentless surge in gas prices has hit another peak for 2024, with ominous forecasts of further spikes looming on the horizon. Just days after shattering previous records, the price at the pump soared to 162.9 cents/litre on Monday. This uptick was fueled by a $15/tonne increase in the national price on pollution, pushing the carbon tax on gasoline up by 3.3 cents/litre.
According to Gas Wizard, a trusted fuel price tracking website, this latest surge marks the highest gas prices of the year, eclipsing the previous peak of 160.9 cents/litre recorded on March 21.
However, industry experts caution against complacency, predicting another surge of approximately 13 cents/litre by mid-April. Dan McTeague, President of Canadians for Affordable Energy, anticipates this spike around April 15 and suggests that unlike previous years, these hikes are here to stay.
Comparatively, last March witnessed significant fluctuations in gas prices in Ontario, ranging from a peak of 152.9 cents/litre to a low of 139.9 cents/litre.
Beyond regular gasoline, premium gas and diesel fuel prices also experienced upward adjustments on Thursday, climbing from 192.9 cents/litre to 194.9 and 164.9 cents/litre to 167.9, respectively.
These soaring fuel prices are expected to persist into Friday across the Greater Toronto Area (GTA), amplifying concerns among consumers and businesses alike.