Toronto gas prices expected to hit 121.9 cents/litre by midnight
The price for a litre of regular unleaded gasoline in the Greater Toronto Area is expected to jump six cents overnight.
Dan McTeague of Gasbuddy.com tells Global News the pumps will hit 121.9 cents/litre by midnight.
Factors leading to higher gas prices for the month of April include a switch from winter to summer gasoline mix.
“The other reason is of course higher U.S. demand,” McTeague said. “Refineries are going through turnaround periods.”
McTeague said it costs more for refineries to add a mix to the gas to allow it to become less volatile under heat.
The weak Canadian dollar and pressure from carbon pricing in Alberta and Ontario are also playing a role in the gas price hike.
Drivers are already paying 4.3 cents a litre more in 2017 as a result of Ontario’s cap-and-trade program.
McTeague said the last time drivers in Ontario saw prices this high was back on Oct. 4, 2014.
-With a file from Cindy Pom
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