Gas prices will reach a new GTA record for the second weekend in a row, and an industry analyst told CP24 that he believes the federal government is now “obliged to provide some relief” on the pumps.
The average price of a liter of gasoline in the Greater Toronto area rose two cents overnight to 212.9 cents a liter and is expected to rise another three cents to 215.9 cents a liter at midnight. This, in turn, will overshadow the all-time record of 214.9 cents per liter, which was set just last weekend.
Dan McTeague, president of Canadians for Affordable Energy, told CP24 that he also expects gas prices to rise another penny or two on Sunday, potentially raising the price of a liter of fuel to 217.9 cents a liter by the end of the year. weekend.
He said the steady rise in prices was mainly due to the ongoing war in Ukraine, but was exacerbated by the weak Canadian dollar.
“The idea that the Canadian dollar continues to show weakness, significant weakness in the face of higher demand and higher oil prices is something we have never experienced,” he said. “Certainly oil prices in Canada have risen in the last 30 years, as has the value of the dollar. But at the moment it takes about 127 pennies and we have lost about two and a half percent of the value of the Canadian dollar. This adds almost three cents per liter to the price of gasoline.
Gasoline prices have risen about 64 percent in the past 12 months, and McTeague said he expects the pain in the pumps to continue for the foreseeable future, at 225 cents a liter probably this summer.
He said a promise by the Ford government to cut its share of the gas tax by 5.7 cents a liter and the fuel tax – which includes diesel – by 5.3 cents a liter for the six months from July 1 will ” helps a little. ”
But at the time, he said what was needed was federal intervention.
“I think the federal government is now obliged to provide some relief, because it’s not just about energy prices, it’s now moving to other areas,” he said. “I don’t think you’ll find many Canadians who say it’s time for the federal government to take this energy issue seriously, which is now leading to an inflation crisis.
Add Comment