Gas prices are expected to rise to at least seven cents per litre at the pumps in the Greater Toronto Area, according to one analyst.
Dan McTeague, president of Canadians for Affordable Energy, told Global News Radio 640 on Thursday morning that the expected jump in gas prices for this weekend is a result of Russia’s invasion of Ukraine as Western nations respond with sanctions against Russia.
McTeague is warning GTA residents to fill up at the pumps either Thursday or Friday.
He said prices could reach 1.669 or 1.659 by Saturday for a litre of regular gas.
“In the case of oil, we’re now moving back to prices we haven’t seen beginning of August 2014,” McTeague continued. ‘We’re coming back to the reality of $100 oil at a time in which the Canadian dollar is much weaker.”
McTeague said the sanctions against Russia will be directed at it’s “bread and butter which of course is oil and natural gas.”
He said a significant amount of Russian oil and natural gas is supplied to Europe and the United States, as well as some to Canada.
“That’s going to hit food prices, that’s going to hit public transport prices, etc. So get ready.”
Comments