Gas prices in Toronto area expected to hit 9-month high on Friday: analyst

Click to play video: 'GTA gas prices set to climb to highs not seen since last November'
GTA gas prices set to climb to highs not seen since last November
WATCH: GTA gas prices set to climb to highs not seen since last November – Aug 10, 2023

Gas prices in the Greater Toronto Area are expected to jump an additional two cents on Friday, marking a nine-month high.

The price of gas rose four cents in the Toronto area on Thursday, and are expected to jump another two cents on Friday before ultimately dropping again on Saturday, Dan McTeague, president of Canadians for Affordable Energy, told Global News.

“Saturday looks like it might actually drop a penny (or a) penny and a half,” McTeague said.

Asked what is causing this increase in prices, McTeague said there is a “huge tug of war in energy markets,” with worries about interest rates, inflation and job numbers swirling.

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What’s more, McTeague said there is also a supply and demand issue.

“Without a doubt supply is is just not there as demand continues to be very healthy globally, regionally, domestically on the continent,” he said.

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McTeague said those needing to fuel up should wait to Saturday or Sunday if possible.

“We’ll see what the markets provide (Friday) for Sunday, Monday and Tuesday,” he said.

“But as I said, this tug of war really means 170-plus is here, and it’s here to stay,” he continued.

McTeague said a five-to-10-cent increase between now and the end of October or beginning of November is “definitely in the books.”

He said a global shortage of oil is to blame, adding that it could reach $90 a barrel.

“So all in all, not great news,” he said. “But, you know, this time last year, in June of 2022, remember, we were paying 215.9, which was the all time high.”

“We’re not going to see those numbers, but as I said 181 to 185 could be numbers that we should be more accustomed to seeing as we head into September,” he continued.”

-with files from Harrison Cook

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