Drivers in the Greater Toronto Area can expect to see prices rise another four cents per litre on Wednesday to reach their highest rate since early March, an analyst says.
The average price of gas in Toronto on May 2 was $1.86 per litre, according to figures maintained by CAA.
Dan McTeague, president of Canadians for Affordable Energy, said fuel pump prices in Toronto and most of Southern Ontario would spike to match a record set on March 10.
McTeague said the price rise was being driven by rising demand from the United States on the eve of summer driving season and a “weaker” Canadian currency.
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Data on the Ontario Ministry of Energy’s website shows that in April the average price for Toronto gas was just over $1.73 per litre.
Around 48 per cent of that price was the crude cost, while roughly 11 per cent was for the goods and services tax and harmonized sales tax. The wholesale margin made up another 14 per cent.
The rest of the price came from the retail margin and other taxes, including the Ontario tax and federal carbon tax.
The price per litre of gas could hit $2 after the May 24 weekend, according to McTeague.
“Summer demand driving season (comes) on top of a weaker Loonie, … carbon taxes and summer spec fuel (which) are all contributing to unprecedented pump prices,” he said.