GTA gas prices to increase by three cents a litre on Thursday

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Bah humbug!

Toronto and the GTA’s gas prices are about to go up by three cents on Thursday, says Dan McTeague, gas price analyst and president of Canadians for Affordable Energy.

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Gas customers in those areas are expected to pay 140.9 cents per litre at the pumps before Christmas Eve.

The reason? Like everything in life it seems: Omicron.

“The markets are going back and forth — a little bit of a tug of war,” said McTeague.

“One day they’re depressed over Omicron, the next day it’s not so bad. So Monday, you would think the bottom was falling out as a result of lockdowns and whatnot. Markets shed a lot of the value of oil and gasoline. (Tuesday), they decided to change their mind so that’s what we’re seeing a three-cent-a-litre increase. So that’s all of southern Ontario.”

Elsewhere in the province, Thunder Bay will see a whopping 20 cents-a-litre increase to $154.9 cents per litre on Thursday because of a recent gas war, says McTeague.

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“So the gas stations were selling gasoline below cost,” he says. “They’ve now restored that. So if you were a gas station you were buying your fuel for $1.47 cents (a litre) and they were selling it for $1.34 cents (per litre) and they were taking an absolute beating. It’s what they call a restoration after a weeks-long gas war.”

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McTeague says Sudbury says will come in under 145.9 cents a litre, up one cent, and Peterborough, where another gas war took place, will see about a seven-cent-per-litre price increase before Christmas Eve to 138.9 cents.

Ottawa will be at $139.9 per litre, again up three cents.

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“I don’t think there will much of a change over Christmas,” said McTeague.

“There’s something called the Santa Claus rally that happens every year right after Christmas. If that happens, then we’ll have to wait and see what that brings — that could be a two or three cents increase. We could be back to $1.43 per litre, worst-case scenario, by the end of the year.”

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