April 11, 2017 6:46 am
Updated: April 11, 2017 12:12 pm

Toronto gas prices expected to hit 121.9 cents/litre by midnight

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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.”

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READ MORE: Ontario gas prices increase due to province’s cap-and-trade program

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.

READ MORE: Ontario passes bill to create cap-and-trade system to fight climate change

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

© 2017 Global News, a division of Corus Entertainment Inc.

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