You might want to fill up your tank soon. Gas prices in Ontario are set to rise by three cents a litre on Wednesday and will continue to climb throughout the week. In fact, this will be the highest rate we’ve seen at the pump since March 21, says gas price analyst Dan McTeague.
According to McTeague, those in the GTHA can expect to see gas sitting at around 108.9 cents a litre on Wednesday.
However, the surrounding area cities will also see the price hike.
Barrie, Ottawa, London, Niagara, Windsor and Sudbury are some of the other locations that can expect some higher prices.
In an email to Narcity, the gas price analyst outlined some reasons for the change in rates, which includes the economy reopening as well as changing environmental factors.
“The main driver is rising post-Covid demand against restricted supply as refiners don’t want to be caught with a surplus,” McTeague revealed.
He also added that Hurricane Laura is playing a part as well.
McTeague wrote that the bad weather will “affect oil and refinery production in the US Gulf Coast (home to half of total US fuel output).”
The damaging weather is “leading to what might be a few days of temporary pump prices increases which could then fall, once these storms pass,” McTeague predicts.
McTeague also tweeted that we can expect prices to go up by another two cents on Thursday.
When the pandemic hit, Ontario saw gas prices dip to under one dollar for the first time in a decade.
As people stayed homes during the lockdown and the economy was shuttered, Ontario saw some extremely cheap gas at the pumps for months.
However, it looks like that trend is now tapering away.