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GTA gas prices to go up 20 cents over 4 days, $2 a litre is ‘in the cards’ for winter: analyst

Click to play video: 'Gas price jumps to jump 20 cents total over 4 day-period'
Gas price jumps to jump 20 cents total over 4 day-period
WATCH ABOV: The average price of regular gas across the GTA on Friday is $1.77 per litre. It is expected to jump to $1.81 by Saturday before dropping on Sunday. Marianne Dimain reports – Oct 28, 2022

Gas prices in the Greater Toronto Area will have increased by around 20 cents this week and one analyst predicts that $2 per litre for gas “is very much in the cards” as we head into winter.

Dan McTeague, president of Canadians for Affordable Energy, said another four cent increase is expected on Saturday after gas prices increased three cents on Friday. The previous two days saw six- and seven-cent increases.

“We’ve seen a net increase of 20 cents [week-over-week] here in the GTA and across the province, much of eastern Canada,” McTeague said.

On Tuesday, GTA drivers saw gas prices around $1.609 per litre and by Saturday McTeague said drivers could see gas prices push to the $1.809 range or just under $1.81.

McTeague did say there is some hope for Sunday, when a drop of two or three cents is likely.

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However, McTeague said Friday would still be the best day of the weekend to fill up if you haven’t already gassed up.

McTeague said it’s been an “unusual week” but that it might be the start of a “very choppy season” as we head toward Christmas and there is more of a demand for heating products with the colder weather.

“So yes, $2 a litre is very much in the cards,” McTeague said.

“I don’t think it’s going to happen this week or next week,” McTeague continued. “But as we head towards the colder weather, November, December, and into January and February, a safe bet that we will be looking again at not record-breaking prices but uncomfortable prices at $2 a litre.”

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‘I’ve never seen oil prices this volatile in last 20 years’: Energy analyst weighs in on high gas prices

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