GTA gas prices increase to $1.81 this weekend, could reach $2 by January: analyst
CBC
Gas prices in the Greater Toronto Area (GTA) increased to just above $1.80 on Saturday and could reach $2 by January, president of Canadians for Affordable Energy Dan McTeague said.
"We're at [$1.77] cents a litre for most gas stations here in the GTA and they are going to go up another four cents a litre for Saturday, bringing us back to [$1.81], McTeague told CBC Toronto on Friday.
"That's a number that many of us would have to reach back a couple of months to recall. We haven't seen those prices since about the 28th of July."
McTeague says prices have increased by around 20 cents this week, and this has left many people wondering "if this is the beginning of what could be a surge in prices."
Gas prices in the GTA reached a high of $2.16 back in June.
McTeague says the current increase in prices is due to "a bit of a correction in energy markets."
According to McTeague, markets have been very focused on economic problems around the world, the outlook of an economy that appears to be slowing down, concern over high oil, gasoline, diesel and other energy prices, and COVID-19 lockdowns in China.
He said while all of these things impacted energy prices, "it's becoming very clear that the energy markets are starting to really consider the proverbial elephant in the room, and that's a shortage in supply."
Elizabeth Kharkivsky, a university student who commutes to London, Ont., once a month, says the increases have left her feeling "not good."
"It's a little bit outrageous," she told CBC Toronto.
"I drive to and from London so I have to fill it up quite a bit. It very much sucks, I'm dropping a lot more money than I usually am."
Kharkivsky says with the price increases, she will only be driving to places that she needs to be.
"I will be staying inside and not driving anywhere," she said.
Parry Sohi, the owner of a gelato shop in Mississauga says "it's been difficult."
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