‘A very unpleasant increase’: Gas prices soar across GTHA

Gas prices drastically increased across the Greater Toronto-Hamilton area overnight.

Gas prices are soaring across the Greater Toronto Area as suppliers switch over to their summer blends.

In Hamilton, many gas stations saw an average increase of 14 cents, up from Wednesday’s high of $1.65 per litre.

Word of the looming increase had commuters lined up at gas stations across the Golden Horseshoe last night, scrambling to beat the hike.

“Unfortunately for drivers, it’s a very unpleasant increase of 14 cents a litre,” says Dan McTeague, president of the Canadians for Affordable Energy group.

“We’ve seen prices like that go up in the past, but certainly not after we’ve seen increases with carbon taxes and other factors in the month of April.”

McTeague points to several factors that signalled the increase, such as the rapidly increasing price of gas on the New York stock exchange and the seasonal switch from winter to summer mixtures.

“It is really the switch over to summer from winter gasoline,” he says. “Even for gas stations that offer fuel much cheaper than most, they too will have to absorb that 14-cent increase. It’s likely to push prices and maintain prices in that range for the rest of the summer.”

As of Thursday, the average 50 litre tank will now cost, on average, seven dollars more than it did before this increase.

Some analysts predict that the price of gas will top out at $1.79 per litre before cooling off again and will be lowered by three or four cents by Friday evening.

⛽️ Price 🚨: After rising 14 cts/l Thursday, #GasPrices to FALL 4 cts/l Friday for most of Ontario and Quebec. This means the 179.9 paid Thursday in most Ontario cities will drop 4 cts to 175.9 #Toronto #GTA #Ottawa #Kitchener #Hamilton #Barrie #LdnOnt #Niagara #Montreal

— Dan McTeague (@GasPriceWizard) April 18, 2024

Across Hamilton’s mountain, prices were fluctuating around $1.78 per litre.

In Toronto, the average price is at 179.9 per litre.

McTeague says this is the highest gas prices have been since August 2022.

The change in gas prices comes as oil companies have switched over to a more expensive summer blend.

– With files from Simone Gavros and Jason Gaidola