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Expected Surge in Gas Prices Overnight

Gas prices in Ontario are poised to surge later this week, reaching highs not observed in nearly two years, an industry expert predicts. The spike is attributed to the increased costs of summer-blended gasoline and a 23% rise in the Liberal Carbon Tax.

Dan McTeague, President of Canadians for Affordable Energy, noted that both Ontario and Quebec would experience a 14-cent increase per litre by Thursday night.

Local Business Running Gas Gift Card Giveaway

Mustafa Raheemi, a local business owner at SNR Guelph, who specializes in repairing cell phones, laptops, computers, gaming consoles, and other electronics, is supporting the community amidst rising gas prices by organizing a giveaway of Petro Canada gift cards. Members of the Caught in Guelph (and Area) group are invited to participate by visiting the group to enter.

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Consequently, the price per litre in Ontario cities will climb to $1.79, marking the highest rate since August 2, 2022, according to McTeague. Meanwhile, in Quebec, the price is expected to reach $1.88 per litre.

Gas prices in Canada and the United States currently exhibit notable differences, largely influenced by regional taxation and oil supply chains. In Canada, prices are generally higher due to a combination of higher taxes on fuel and stringent environmental regulations, such as the carbon pricing policy. For instance, provinces like British Columbia and Quebec often see prices that are significantly above the Canadian average. In contrast, the United States benefits from extensive domestic oil production and lower fuel taxes, which typically keep gas prices lower. Moreover, fluctuations in the U.S. are often moderated by its strategic petroleum reserves and widespread distribution infrastructure. Despite these differences, both countries experience regional variability and are susceptible to global oil market shifts that can swiftly impact pump prices.

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