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Gas prices soared on Friday with another six cent increase expected on Saturday, an expert says. Anyone looking to fill their tanks may see a reprieve in prices on Sunday with a possible five or six cent drop.
Gas prices soared on Friday with another six cent increase expected on Saturday, an expert says. Anyone looking to fill their tanks may see a reprieve in prices on Sunday with a possible five or six cent drop.
The audio version of this article is generated by AI-based technology. Mispronunciations can occur. We are working with our partners to continually review and improve the results. Gas prices soared on Friday and are expected to go even higher on Saturday, according to predictions by Canadians for Affordable Energy.
Drivers across Toronto may want to wait to fill their tanks this weekend after a rise in prices Friday and another surge expected Saturday, says one expert. Gas prices went up seven cents Friday to about 185.9 cents per litre, according to predictions by Canadians for Affordable Energy . It said another six cent increase is expected Saturday, bringing gas prices to 191.9 cents per litre.
Anyone looking to fill their tanks may see a reprieve in prices on Sunday with a possible drop of five or six cents, CAE president Dan McTeague told CBC Radio'sHe said GTA residents saw gas prices this high earlier this year when the U.S. and Israel-Iran conflict began. Typically gas prices will taper off this time of year, but refiners in the United States and around the world are "trying to play catch up" with prices while Gas prices went up seven cents Friday to about 185.9 cents per litre, according to predictions by Canadians for Affordable Energy.
"A lot of the infrastructure in the Persian Gulf was damaged . So as a result, we are seeing some upward pressure on gasoline," McTeague said. McTeague expects to see decreases in the longer term, given that rising costs are "a little overdone.
" "The cost going through the roof means there will be a bit of a signal of demand destruction," he said. "I think markets are saying, 'All right, we've brought it as far as we could. We're going to drop it a little bit.
'"Toronto resident Fabian Chan said he chose to pump gas on Friday, before costs went even higher on Saturday. That's been especially detrimental for retirees like him, who depend on the Canadian Pension Plan and old age security for income.
"CPP and old age security cannot catch up with inflation," he said. "I think most of the companies use excuses to jack up the prices and we ordinary citizens have to suffer. " Toronto resident Fabian Chan said he chose to pump gas on Friday, before costs went even higher on Saturday. Meanwhile, diesel prices are seeing a drop in pressure, said McTeague.
He said prices went up three cents a litre on Friday and are expected to drop by eight cents on Saturday. While the country has enough diesel, natural gas and gasoline to dip into to ease prices , McTeague said federal and provincial authorities can do more to lower costs. GTA gas prices up 6 cents.
Conflict in the Middle East expected to drive them higher He said the government should look to remove all taxes on fuels, such as Ontario's HST and the federal clean fuel standard. McTeague noted that in previous years, the Canadian dollar was able to add some buffer to protect residents from rising fuel prices.
"It no longer does that. The fact it takes 142 pennies to buy a U.S. dollar adds about 50 to 60 cents a liter to the price of diesel," he said. Arrthy Thayaparan is a writer at CBC Toronto with interests in health, climate, education and community stories. You can contact her at arrthy.thayaparan@cbc.ca.
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