{"id":710677,"date":"2026-06-02T20:00:13","date_gmt":"2026-06-02T20:00:13","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/710677\/"},"modified":"2026-06-02T20:00:13","modified_gmt":"2026-06-02T20:00:13","slug":"toronto-gas-prices-expected-to-rise-by-8-cents-overnight-expert","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/710677\/","title":{"rendered":"Toronto gas prices expected to rise by 8 cents overnight: expert"},"content":{"rendered":"

Gas prices in the Greater Toronto Area are expected to rise by eight cents per litre overnight following a brief reprieve in recent days, an industry analyst says. <\/p>\n

Dan McTeague, who is the president of Canadians for Affordable Energy, told CP24 that he expects the average cost of a litre of regular gas in the GTA will hit 177.9 cents per litre on Wednesday and could rise another two or three cents per litre on Thursday.<\/p>\n

\u201cEvery time it\u2019s a talk of a deal, prices drop. We\u2019ve seen it sort of happen the past about 93 days since the (Iran) war began,\u201d he said.<\/p>\n

\u201cAnd then, like every other talk of a deal, rumour of a deal, it collapses, and when it collapses, the price has to go back up. That\u2019s simply because the world is draining rapidly reserve supplies of oil.\u201d<\/p>\n

Buy gas now, says industry analyst<\/p>\n

McTeague urged anyone who is planning to take advantage of last week\u2019s lower gas prices to do it now. The best time to buy gas, he noted, is anytime after 6 p.m. <\/p>\n

\u201cDon\u2019t wait until tomorrow, but certainly not till Thursday. It looks like prices are now heading back up more, more rapidly than I think most are comfortable with,\u201d he added.<\/p>\n

\"\"Canada gas prices Gas prices in Toronto reached their lowest rate since April on May 28, 2026. (CTV News) <\/p>\n

Heading into the summer, the industry analyst says he expects the volatility of the market will continue.<\/p>\n

\u201cThey (the oil markets) are worried about what happens when the Strait of Hormuz opens and there\u2019s a massive peace deal and everything goes back to normal. We still have the damage that is done and it\u2019s significant,\u201d McTeague explained.<\/p>\n

He said this conflict has not only caused a bottleneck of oil-carrying vessels around the world but has also resulted in the draining of strategic, emergency oil reserves.<\/p>\n

\u201cIt\u2019s going to take a long time for that to be replenished under law. It\u2019s also going to require a little bit more patience from everyone to recognize that it\u2019s not just gasoline, it\u2019s jet fuel, it\u2019s diesel,\u201d McTeague said.<\/p>\n

\u201cThe world\u2019s short of a 1.6 billion barrels of oil and sooner or later that\u2019s going to have to start to show up, even here in North American (oil) markets.\u201d<\/p>\n

\"\"A container ship sits at anchor as a small motorboat passes in the foreground in the Strait of Hormuz off Bandar Abbas, Iran, Saturday, May 2, 2026. (Amirhosein Khorgooi\/ISNA via AP) A container ship sits at anchor as a small motorboat passes in the foreground in the Strait of Hormuz off Bandar Abbas, Iran, Saturday, May 2, 2026. (Amirhosein Khorgooi\/ISNA via AP) <\/p>\n

McTeague added that while Americans produce 13 million barrels of oil a day, they consume 21 million barrels, so there is a heavy reliance on other countries, including Canada, Venezuela, and other Latin American countries for fuel.<\/p>\n

\u201cWe are in for some very difficult times ahead and this is really only delaying the inevitable. it\u2019s short term gains, like we saw this weekend, for long-term pains,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"Gas prices in the Greater Toronto Area are expected to rise by eight cents per litre overnight following…\n","protected":false},"author":2,"featured_media":710678,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[712,43,44,41,39,42,40],"class_list":["post-710677","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headlines","tag-apple-news","tag-headlines","tag-news","tag-top-news","tag-top-stories","tag-topnews","tag-topstories"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/710677","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=710677"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/710677\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/710678"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=710677"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=710677"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=710677"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}