Gas prices in the Toronto area have again set a new record high and could rise further over the weekend

Gas prices in the Greater Toronto Area (GTA) have risen once again, eclipsing a previous record set just days earlier.

By Friday afternoon, gasoline prices in the GTA had reached between 194.5 cents per liter and 195.5 cents per liter, according to the retailer, marking a new record in the region.

Just a few days earlier, on Wednesday, gasoline prices reached 191.9 cents per liter, surpassing the record of 190.9 cents per liter set in March.

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Toronto-area gas prices top record and could rise further this week: analyst

In an interview with Global News, Dan McTeague, president of Canadians for Affordable Energy, said prices are expected to rise another penny overnight, pushing the price per liter to 196.9 cents.

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“If that wasn’t enough, 197.9 (cents per litre) or maybe even 198.9 (cents per litre) for Sunday, it’s too early to tell,” he said. “The markets have not yet decided which way to go.”

According to McTeague, several factors, including a weak Canadian dollar, supply and demand problems and the federal carbon tax, have pushed up gasoline prices.

“We have cut the pipelines in this country, (and) the rest of the world has found many ways to not produce enough oil and the world is demanding more oil, the supply just isn’t there,” he said.

Click to play video: 'Gasoline prices hit $2 a liter in Montreal'

Gas prices hit $2 a liter in Montreal

Gas prices hit $2 a liter in Montreal

McTeague said that the Canadian dollar is no longer keeping pace with the US dollar.

“The fact that it is not now (and that) 120 cents are needed to buy a dollar, is to add about 30 cents per liter of gasoline,” he explained.

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Gas prices to rise again in GTA, may top $2 a liter this month: Analyst

McTeague said it’s not just gasoline that’s getting more expensive, adding that diesel prices are also “skyrocketing” to nearly 250 cents a litre.

“That’s the workhorse of the Canadian economy,” he said, noting that farmers, manufacturers and airlines that buy jet fuel will be affected.

“It is turning into the summer of our discontent, the proverbial perfect storm,” he said.

McTeague said that while these prices “could come down a little bit,” he said the days of gasoline prices below 150 cents a liter “are over unless we get into a global recession.”

McTeague previously told Global News that he hopes drivers in the GTA may see gas prices hit $2 a liter after the long weekend in May.

© 2022 Global News, a division of Corus Entertainment Inc.

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