{"id":554572,"date":"2026-03-23T04:11:07","date_gmt":"2026-03-23T04:11:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/554572\/"},"modified":"2026-03-23T04:11:07","modified_gmt":"2026-03-23T04:11:07","slug":"will-gas-prices-reach-2-00-per-litre","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/554572\/","title":{"rendered":"Will gas prices reach $2.00 per litre?"},"content":{"rendered":"

Gas prices jumped 8 cents to $1.78 per litre in the Greater Toronto Area on Sunday. That price should hold until the middle of the week, but the conflict in Iran is causing severe turbulence at the pumps and could push prices above $2 per litre, according to experts at En-Pro.<\/p>\n

\u201cFrom then on, all bets are off,\u201d Roger McKnight, chief petroleum analyst with En-Pro told CityNews. \u201cThe prospect of $2.00 per litre is a distinct probability, not a mere possibility.\u201d<\/p>\n

In some parts of Canada, such as British Columbia, gas prices have already exceeded $2.00 per litre.<\/p>\n

\u201cThere is nothing to stop it unless there is an end to this war and that doesn\u2019t look like [that\u2019s] happening anytime soon,\u201d McKnight added.<\/p>\n

The United States and Iran threatened to target critical infrastructure Sunday as the war in the Middle East, now in its fourth week, puts lives and livelihoods at risk throughout the region.<\/p>\n

Iran said the Strait of Hormuz, crucial to oil and other exports, would be \u201ccompletely closed\u201d<\/a> immediately if the U.S. follows up on President Donald Trump\u2019s threat to attack its power plants. Trump late Saturday set a 48-hour deadline to open the strait.<\/p>\n

Oil prices plunged Canadian and U.S. stock markets<\/p>\n

Canadian and U.S. stock markets sank on Friday amid fears about the effects of the U.S.-Iran war on interest rates.\u00a0<\/p>\n

The S&P\/TSX\u00a0composite index was down 537.57 points at 31,317.41.\u00a0<\/p>\n

In New York, the Dow Jones industrial average was down 443.96 points at 45,577.47. The S&P 500 index was down 100.01 points at 6,506.48, while the Nasdaq composite was down 443.08 points at 21,647.61.<\/p>\n

Ottawa has said it is looking at helping Gulf nations and might contribute to efforts to unblock fuel shipments \u2014 but it hasn\u2019t explained what this might involve, beyond stressing that it has no intention of joining the U.S. military campaign.<\/p>\n

On Thursday, Prime Minister Mark Carney endorsed a statement by allies \u2014 after it was released \u2014 expressing a willingness to contribute to efforts to reopen the Strait of Hormuz, which Iran has blockaded.<\/p>\n

Defence Minister David McGuinty added that Canada is \u201cconsidering\u201d helping Iran\u2019s neighbours defend themselves if they seek assistance from the NATO alliance.<\/p>\n

Last week, the Canadian Labour Congress (CLC) issued a statement calling for the federal government to \u201cact decisively to protect Canadians from the worst impacts with timely relief.\u201d<\/p>\n

\u201cWe\u2019ve seen this before. After the invasion of Ukraine, global oil giants posted record profits, nearly $1 trillion worldwide in 2022, while families struggled with rising costs,\u201d CLC wrote. <\/p>\n

\u201cWhen global instability drives up fuel and transportation costs, it doesn\u2019t just show up at the gas pump. It raises the cost of groceries, heating, and everyday essentials. And it\u2019s working families who are feeling it most,\u201d the organization added.<\/p>\n

Click here<\/a> to see the latest gas prices.<\/p>\n

With files from the Canadian Press.<\/p>\n","protected":false},"excerpt":{"rendered":"Gas prices jumped 8 cents to $1.78 per litre in the Greater Toronto Area on Sunday. That price…\n","protected":false},"author":2,"featured_media":554573,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[43,44,41,39,42,40],"class_list":{"0":"post-554572","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-headlines","8":"tag-headlines","9":"tag-news","10":"tag-top-news","11":"tag-top-stories","12":"tag-topnews","13":"tag-topstories"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/554572","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=554572"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/554572\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/554573"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=554572"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=554572"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=554572"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}