Gas prices to soar again on Thursday amid tighter sanctions on Russian oil
Drivers can expect even more sticker shock at the pumps in the coming days as the price of gas continues to soar across the country.
The price per litre could jump as much as 10 cents and hit $1.95 as early as Thursday, said Dan McTeague, President of Canadians for Affordable Energy and curator of the website gaswizard.ca, which predicts fuel prices across the country.
McTeague estimates the price for regular gasoline Thursday will land above $1.90 and will stretch to $2 by this weekend.
That price will be shocking for many people," McTeague said, adding diesel prices are rising at twice the rate of gasoline. As of Tuesday morning, predictions on gaswizard.ca indicate there will be no change from current prices Wednesday in Toronto and the GTA.
Gasoline is currently priced around $1.84 per litre throughout the GTA, while diesel fuel sits at $1.97. Prices have jumped nearly $0.25 per litre since March 2 in Toronto.
As fuel prices could result in rising prices in other areas of the economy, McTeague suggests buying only what you need and using it only where you need it." The price of gas, he said, is not a domestic issue but instead something impacting consumers globally.
Sanctions placed on Russia in the face of President Vladimir Putin's invasion into Ukraine are affecting prices, he said. Russia is the leading exporter of oil and refined products, McTeague noted, with the country representing about 11 per cent of total oil production.
Supply could tighten even further as companies such as Shell announcing it will halt purchases of Russian oil. We're into an energy supercycle," McTeague said.
We're into what looks very much like an energy crisis shrouded by a global security crisis."
On Tuesday, U.S. President Joe Biden announced a ban on Russian oil imports. Experts who previously spoke to the Star have predicted the price of crude oil could hit $150 (U.S.) a barrel as further bans are discussed in the European Union and Canada.
With files from Josh Rubin and the Associated Press
Jenna Moon is a general assignment reporter for the Star and is based in Toronto. Follow her on Twitter: @_jennamoon