Ontario gas prices are expected to jump 10 cents, breaking all previous records, says one gas analyst.
Dan McTeague told the Star that prices in the GTA were 196.9 last Saturday and by this Sunday, are expected to reach a staggering 206.9 per liter.
The average price for gas in Ontario on Friday is 193.5 per liter, down slightly from Thursday’s average of 193.9, up from last month’s average of 164.4 and last year’s average of 127.2 per liter, according to the CAA.
Ontario drivers continue to see eye-watering prices at the pumps as record-breaking gas prices in Canada have led to an increase in consumer goods and food prices, and impacted the way people live their lives.
High prices compounded with a jump in Canada’s inflation rate, which hit 6.7 per cent in March, the steepest increase in more than 30 years, have hurt consumer sentiment, analysts say.
Average gas prices in GTA
Here’s how we compare to the rest of Canada
The average gas price in Canada is 190.9 per liter.
Gas prices continue to be the lowest in Alberta where prices are 166.2 per litre. Gas prices are the highest in Newfoundland and Labrador at 214.6 per liter.
How we got here
In January, gas prices started spiking across the country, and by February began shattering records as prices at the pumps soared.
At the same that COVID-19 restrictions started to lift and people began moving around more, driving up demand for gas to pre-pandemic levels, an escalating situation in Ukraine and a flurry of international sanctions on Russia put pressure on an already strained supply and sent international crude prices into a tailspin.
Experts say the hardest hit by high gas prices are low-income Canadians who are more likely to spend a sizable chunk of their income on transportation and are less likely to afford electric vehicles in order to offset rising costs.
Top places to fuel up in the GTA
- 185.9 at Petro-Canada, 1755 Dundas St. W., Whitby
- 186.9 at Esso, 66 Trethewey Dr., Toronto
- 186.9 at Esso, 2210 Stouffville Rd., Whitchurch-Stouffville
- 186.9 at Petro-Canada, 189 Guelph St., Halton Hills
- 187.9 at Petro-Canada, 11600 Keele St., Vaughan
- 187.9 at Petro-Canada, 10 Taunton Rd. E., Whitby
- 188.2 at Esso, 8 Kingston Rd. E., Ajax
- 188.8 at Petro-Canada, 10 Kent Rd., Brampton
- 188.9 at Petro-Canada, 200 Sandalwood Parkway East, Brampton
- 189.9 at Overseas, 5979 Shawson Dr., Mississauga
This week’s gas trends
McTeague says this weekend could see prices in the GTA rise nearly 10 cents a liter.
On May 1, gas prices were 186.9 per liter in the GTA, said McTeague, and by this Sunday the average price is expected to hit 206.9, which means the price of gas would have gone up nearly 20 cents in a span of two weeks.
“That’s an extra 10 bucks for someone filling their small minivan, Prius, or my little Ford Escape,” McTeague said.
For consumers trying to get ahead of the jump, McTeague advised consumers to not voluntarily use premium gas (unless your vehicle requires it) and make sure your vehicle’s tire pressure is up.
McTeague said consumers shouldn’t fill up their tank just because they think tomorrow’s gas prices are going to jump. “Filter what you need only and you’ll save a little bit of money that way,” he advised.
“Often in the GTA, you will see prices for gasoline in the evening a lot less expensive than it is in the morning. So you might save two or three cents a liter in some gas stations,” said McTeague.
How gas prices are figured
McTeague said each province has variations of what’s called a wholesale price for gas, and depending on the province’s proximity to the pipelines and refineries, the difference is mostly caused by transportation and pipeline tolls.
“So the wholesale price from Ottawa to Toronto, Toronto to London, London to say Windsor might vary as much as a penny and a half or two cents a litre,” said McTeague.
McTeague also said the retail market is a factor, with expenses like paying for electricity to turn on the pumps, paying taxes, and paying overhead for staff.
Tips for saving money on gas
Experts say consumer driving habits can impact how much money they spend on gas. Some simple tips to save money on gas include:
- Driving at a steady speed and avoiding abrupt movements, as most vehicles are most fuel-efficient when they’re running between 50 and 80 kilometers per hour
- Traveling light — added weight to the vehicle like hockey equipment in the trunk could help fuel consumption
- Using apps that provide daily updates for gas prices in your local area, like GasBuddy and Waze, which rely on crowdsourced information
- Hitting the gas station earlier in the week, as some experts say prices tend to rise on Thursdays and into the weekend
- And the obvious one: use your vehicle less, try to carpool more often, use public transit, ride your bike or walk
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