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Gas prices in the GTA shattered records Sunday, leaving motorists’ wallets running on fumes.
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The per-liter price for regular exceeded $1.81 at most GTA gas stations, following a week of eye-popping hikes triggered by the Russian invasion of Ukraine that has thrown international crude oil markets into chaos.
Outside of southern Ontario, the story is even worse: In British Columbia, Newfoundland and Labrador, prices have roared past the $2-per-liter mark.
And as long as the fighting that has put the world on edge continues, gas prices will be stomach-churning. As a result of the Russian invasion of Ukraine, the global supply of oil has tightened. Sanctions on Putin’s rogue regime have further fueled the increase.
“In one week, gas prices will be 23 cents a liter higher than they were last Sunday,” Dan McTeague, of the price tracking site GasWizard.ca, told CBCNews, adding he is expecting more increases.
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At gas stations around the GTA, there have been instances of long lineups, with motorists struggling to keep ahead of the increases.
According to CBC, the run on gas has left some stations running short.
“The shortage was just panic buying, or people looking to take advantage,” McTeague told the broadcaster. “Gas stations might have 50,000 or 60,000 liters. But, if everybody and their brother suddenly shows up to buy gasoline, it creates a bit of a run on existing supplies.”
Some of the problems in the supply system were pre-existing, McTeague said.
It could be worse: Gas prices in the UK are expected to rise to about $5 per litre. OUCH!