Consumers across Ontario will want to fill their tanks on Wednesday as gas prices are expected to rise by as much as 10 cents a litre by the weekend, according to an industry expert.
“Tomorrow, we’re going to see a net seven cent increase, bringing gas prices to a $1.67.9 and at this stage, it looks like at least another three-cent increase on Friday, which will bring us to a $1.70.9,” Dan McTeague, president of Canadians for Affordable Energy, told Global News Morning on Wednesday.
This would continue to establish new records for the price of gas across the province.
“The record price, which we established just a couple of weeks ago, $161.9, represented the high-water mark,” McTeague said.
“We’re well over that now and we’re to continue to see prices move much higher for the foreseeable future. I’m looking at at least marching towards it over $1.75.9, at some point, likely in the next week, if not earlier.”
He said Russia’s attack on Ukraine is playing a major part, with sanctions being placed on Russia causing prices to rise, as that country is the world’s third-largest oil producer.
“So as we sanction Russia, it’s oil and gas, it leaves the world extraordinarily short of supply,” he explained.
McTeague says that the cost of diesel is rising at an even faster rate, which will hurt consumers even more.
“We’re going to pay much more for everything, even those of us who don’t drive,” he said.
“Everything from public transit to the cost of food, because agricultural products and of course, processing costs and transportation costs are going through the roof.”
There is not much consumers can do to find relief other than suck it up for now.
“Sometimes drivers can find a bit of a break in the evenings, but with prices moving up by three, five, seven, 10 cents a litre, week over week, it looks like we’re going to have to, as it were, buckle up and hunker down for the next several weeks, at least,” the former Liberal MP said.