President of Canadians for Affordable Energy, Dan McTeague, has predicted a record-high rise in gas prices across Canada over the weekend, of up to $2.14 on Sunday.
“Gas prices will continue to rise in the upcoming months, and it’s going to hit all the provinces in Canada,” he told CTV news reporters.
McTeague believes most of southern Ontario will see prices of up to $2.14 per liter, breaking the previous record hit in mid-May. The average price of gas in Ontario stands at around $2.06 per liter, a jump compared to May’s $1.86 per liter.
Last year’s average price of gas was $1.28 per liter.
The Albertan city of Edmonton will be seeing a rise in prices towards $1.87 this weekend, while Calgary is set to rise to $1.89. Vancouver is set to rise to $2.34 per liter by the end of the weekend; a significantly higher rate over its previously recorded high of $2.14.
A scarcity of fuel alongside increasingly-high demand has led to major issues at the pump. The Russia-Ukraine war is one of the lead causes of the skyrocketing prices. Only a year ago 14% of the global oil supply was tied back to Russia, according to IEA statistics. However, without a legitimate alternative, the West’s sanctions on the nation have led to crippling economic issues.
The post-lockdown surge of consumers has caused prices to go up even higher alongside rising inflation. Ontario’s PM Doug Ford, who won the provincial election for a second term this week, has promised a reduction on the Ontario gas tax, which McTeague is not optimistic about.
“I would not be surprised if prices in Ontario reach up to $2.25 in the coming summer months.”
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