Gas prices are set to jump dramatically across Ontario, with an 8-cent increase expected by this weekend. According to GasWizard.ca, a trusted source for gas price forecasting, prices are predicted to rise by 2 cents on Saturday and an additional 6 cents on Sunday, bringing regular fuel prices to approximately 178.9 cents per litre by Sunday. This will mark the highest increase seen since April 18, 2024, making it a significant rise for Ontario residents.
The anticipated price increase comes after a recent drop of one cent per litre, but consumers can expect this temporary decrease to be short-lived. Diesel prices are also set to follow suit, with an expected rise of up to 14 cents by Sunday, pushing diesel prices to around 233.9 cents per litre. This will set a new all-time record for diesel fuel prices in Ontario.
The price swings are largely due to ongoing volatility in global oil markets, which have been further exacerbated by the intensifying conflict in the Middle East. The instability in oil-producing regions has led to higher crude oil prices, which, in turn, affect gas prices at the pump. With no immediate relief in sight, Ontario drivers can expect these higher prices to continue for the foreseeable future.
Dan McTeague, former Member of Parliament and the current president of Canadians for Affordable Energy, provides the price forecasts on GasWizard.ca. With over 30 years of energy industry expertise, McTeague’s analysis is rooted in his deep understanding of the factors influencing fuel prices. The rise in prices comes despite previous hopes for price stabilization, as global factors continue to drive fuel price fluctuations.
In recent days, fuel prices have already been on the rise. Recent data shows that the price of regular fuel has increased from 170.9 cents per litre on Thursday to 178.9 cents per litre by Saturday, reflecting the anticipated weekend jump. The sharp increases are affecting drivers across Ontario, from Toronto to Brampton, Mississauga, Durham, and beyond.
For many drivers in Durham Region, this rise in fuel prices will add to the already increasing cost of living. Residents in suburban and rural areas, who rely more on their vehicles for commuting, will feel the impact of these price hikes the most.
As gas prices soar, experts predict that these increases will continue to cause strain on Ontario residents, especially with the added uncertainty in global oil markets. For consumers who are feeling the pinch, fuel-efficient cars, public transportation, and carpooling could become more attractive alternatives as they try to mitigate the effects of the rising gas prices.
