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Drivers in the Greater Toronto Area can expect to pay more at the pumps Friday, with gas prices set to rise by eight cents to $1.89/litre overnight, according to forecasting by Canadians for Affordable Energy, a group that monitors the cost of fuel for consumers.
Prices are “definitely” going up on Friday but could decrease by two to three cents come the weekend, said Dan McTeague, the group’s president.
“One way or another, these prices are moving higher to levels we haven’t seen,” he said, noting that he expects to see prices go beyond the record high set in June 2022.
The price for fuel has been volatile in recent months due to U.S. and Israel’s war with Iran, which began on Feb. 28. As a result, Iran has heavily restricted ship traffic in the Strait of Hormuz, the waterway through which one-fifth of the world’s oil is shipped.
The closure of the strait has caused a global energy crisis that is ramping up gas prices for consumers, including those in the GTA.
Torontonians react to price surge
John Mathewson needs his truck for his construction job. He says he has no choice but to pay up.
“Unfortunately the price of gas is the price of gas, and I need it for work, so I have to pay it,” he said.
Mathewson said he would like to see the federal government make it more affordable to fill up and would be in favour of a bigger fuel tax cut.
The Government of Canada temporarily suspended a fuel excise tax on gas, diesel and aviation fuel on April. 20 until Sept. 7. The cut saves customers around 10 cents per litre of gas. But with the expected eight cent jump, that tax cut is effectively erased.
Mohammad Shaan is a delivery driver who also needs his car to work.
“It is very difficult for us to maintain [work] in this situation,” he said, noting that his earnings have been impacted as the price of fuel has gone up.
Shaan also said he wants to see the government do more to make the price of fueling up more affordable.
David Martin said he’s not seeing the relief from the government’s excise tax pause.
“Why even bother looking these days?” he joked while filling up at a Toronto gas station.
Martin said he’s in favour of any tax cut that could ease the cost of fuel, even if it means taking money out of other government coffers to do so.
“I’ve got family up in Ottawa, I’ve got family about an hour and a half southwest of Woodstock, so both directions it gets hard to go see them,” he said.
“Everything else is more expensive and [this] is just one more thing now.”