Gas prices are expected to go up some four cents a litre this weekend across most of Ontario due to the conflict in the Middle East and several other factors stateside, according to an industry expert.
Dan McTeague, president of Canadians for Affordable Energy, is predicting that the bulk of southern Ontario, including Toronto, Ottawa, Hamilton, London and Barrie, will see an uptick to $1.569 per litre on Friday, which will put the price closer to the $1.62 per litre it was this time last year.
“We get a four-cent increase and that’s all because of concern over what’s happening in the Middle East,” McTeague said.
“But the other factors include the tightening supply of gasoline in the United States. That’s something we haven’t seen in a while.”
He goes on to say the Canadian dollar losing ground on the U.S. greenback is also an issue.
The good news is the rise may not last should tensions ease this weekend in the Middle East.
But McTeague says the impact on prices from the region has lessened in recent years, with Canada and the U.S. investing in other forms of energy.
“They’re not selling a lot of energy to us in North America,” he said.
“They are to Europe, but not North America. United States and Canada have upped their energy game.”
Ontario gas prices reportedly went up an average of 1.6 cents a litre early Thursday, according to GasBuddy.com.
Ottawa was up about three cents a litre, while Hamilton’s average price eased up just 1.8 cents.