Drivers in the Greater Toronto Area can expect to pay $1.90 per litre of gas in the near future, an analyst says.
Dan McTeague, president of Canadians for Affordable Energy, told Global News that $1.90 per litre sometime in the near future is a “no-brainer,” with prices already set to jump once again over the weekend.
McTeague said after an expected one-cent drop Saturday, prices in the GTA will rise to nearly $1.85 per litre on Sunday.
He said that oil prices are still expected to continue to increase further.
McTeague said several factors are causing the recent surge in prices.
“Global supply of oil is at risk at the precise time in which global post-COVID demand is surging,” he said.
“That gap between lower output and lower production of oil unable to meet surging demand has been complicated now by the fact that Russia, which produces about 10 per cent of the world’s total consumption, is now being slowly but surely sealed off in its ability to monetize its oil and gas.”
McTeague said the rising price of diesel is especially concerning, as it will have a wider impact on the economy, including food and heating.
He noted that diesel prices have recently been increasing at a faster rate than gasoline.
“This is going to create an inflationary tsunami,” he said.
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