Gas prices in Toronto are expected to go up again. Here’s by how much

Dan McTeague, president of Canadians for Affordable Energy, explains how high gas prices could go and what to watch out for at the pumps.

Prices at the pumps across Canada are expected to climb again as war rages on in the Middle East.

Dan McTeague, president of Canadians for Affordable Energy, says gas prices could jump two cents a litre on Friday to $1.489.

He predicts another six-cent hike on Saturday, pushing the cost to over $1.56 a litre.

• Find the lowest gas prices in the GTA here.

Diesel prices are also expected to climb four cents a litre on Friday. With another 14-cent increase on Saturday, diesel could cost over $2 a litre.

“I think once we get over Saturday’s $1.55, people are going to realize this is a price we haven’t paid in a very, very long time. The question is, how long? I think that’s really up to strategists in terms of the conflict in that region,” McTeague told CP24 on Thursday night.

Many energy experts fear that if the war continues, the price of crude oil could rise further, which could drive up prices at the pumps.

• The latest on the conflict in the Middle East

The price for a barrel of benchmark U.S. crude shot up 8.5 per cent Thursday to settle at US$81.01 per barrel.

Brent crude, the international standard, climbed 4.9 per cent to US$85.41 per barrel and is likewise near its highest price since 2024.

McTeague said the price of gas has leaped to 17 cents in the past five or six days, while diesel has risen to 40 cents.

“That’s going to leave a mark that’s going to affect the price of pretty much everything else, apart from the shock at the pumps,” said McTeague, who is keeping a close eye on diesel prices.

He described diesel as a “global workhorse” when it comes to fuel, and any dramatic increases will have reverberations.

“It’s going to cascade into other parts of the economy,” McTeague said. “Don’t be surprised that by midweek next week, a lot of airline carriers and transport companies will be demanding fuel surcharges from their customers.”

McTeague fears that without immediate de-escalation, Toronto drivers could see another round of increases next week.

“The sky is the limit,” he said. “And I could see a scenario where we head to $1.80 or $1.90 for gasoline here in the GTA. As far as diesel is concerned, $2.20 and $2.30 are certainly not out of the forecast.”

With files from The Associated Press