Ontario gas prices expected to climb 12 cents overnight: analyst

Gas prices set to jump 12 cents overnight As stations switch to more costly summer-blend gasoline, the cost of a litre of regular will jump 12 cents.

The price of gas in Ontario is expected to climb even higher on Saturday, according to one industry analyst.

Dan McTeague, President of Canadians for Affordable Energy, said prices will jump by 12 cents on Saturday to $1.85 per litre. That follows an 11 cent uptick since Wednesday, totalling an increase McTeague said he has never seen before.

“23 cents a litre increase in the past 72 hours...It’s unprecedented and it does not bode very well for the summer,” he said speaking to CP24 on Friday.

The increase, in large part, is due to a seasonal switchover in the gas blends offered at stations during the summer months.

“In other words, the kind of gasoline you get tends to change from April 15 until September 15. That’s a thing, it’s been around for the past 30 years,” McTeague said.

Saturday’s prices will come close to the record-high rates seen at the beginning of March, when drivers in the province saw a litre of gas go for $1.90 due in part to the Russian invasion of Ukraine.

However, the cost to fill up isn’t expected to drop anytime soon -- and drivers should expect to see gas a litre of gas sell for $2 on “several days” throughout the summer, McTeague cautioned.

“Oil is going to remain in the vicinity of $105 to $125 a barrel. Summer demand driving is around the corner. I know that many people will probably rethink these prices and their desire to get on the road, but that’s not going to dampen global demand for oil,” he said.

“We will see, mark my words, $2 a litre on several days throughout the summer this year.”