GTHA gas prices hit new record highs this weekend, could rise further next week: analyst

Click to play video: 'Ways to save at the pumps as gas prices continue to rise'
Ways to save at the pumps as gas prices continue to rise
WATCH ABOVE: Record prices continue across Canada with many hoping for some relief. President of Canadians for Affordable Energy, Dan McTeague has some advice on alleviating the cost at the pumps. – May 10, 2022

Once again, gas prices in the Greater Toronto and Hamilton Area will hit new record highs this weekend.

Drivers waking up Saturday morning will notice prices at the pumps climbed to around $2.11 per litre.

According to Dan McTeague, president of Canadians for Affordable Energy, gas prices will rise another 3 cents Sunday.

“Gasoline across all [of] southern Ontario will surge to another record high of 214.9 cents a litre Sunday,” McTeague told Global News.

The previous record in the GTA was around $2.09 set back on May 18.

Gas prices in Toronto hit a new record high of $2.11 per litre. Enzo Arimini / Global News

McTeague told Global News he expects fuel prices to continue climbing through the summer.

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“I would expect us to reach $2.20 a litre within a week or get close to that with the potential for $2.30 a litre at times this summer,” McTeague said.

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He advises that drivers will need to get used to the two-dollar mark.

McTeague said tight supply and the demand for gasoline in the summer, as more people opt to travel, are the key reasons for this increase.

This comes following a drastic increase in prices these past few months due to global demand for gasoline and oil, the value of the Canadian dollar and the war in Ukraine.

However, McTeague said there may be some relief coming next month, referencing Doug Ford and the Progressive Conservatives’ plan to temporarily reduce the gas tax in the province by 5.7 cents per litre for six months beginning July 1.

“With HST, that works out to 6.4 cents,” McTeague added.

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