GTA gas prices to hit $2.10 per litre by end of May, analyst says

Costs on the pumps are estimated to hit a whopping $2.10 per litre within the Better Toronto Space by the top of the month, in line with one analyst.

Gasoline costs are at present at a report 195.9 cents per litre and are anticipated to hit 199.9 cents per litre tomorrow, after weeks of escalating gas prices primarily on account of Russia’s invasion of Ukraine.

One Knowledgeable says it doubtless gained’t simply cease there. Canadians for Reasonably priced Power President Dan McTeague tells CP24 that fuel costs will most likely soar effectively previous the $2 per litre mark by the top of Could.

“We're $2.10; one other 10 cents the following two weeks,” he instructed CP24 Saturday morning.

Along with the conflict, the European Union’s current resolution to cease Russian fuel imports by the top of the 12 months can be attributed to rising fuel costs.

Earlier this week, McTeague predicted that fuel prices would hit $2 per litre by Could lengthy weekend however admits that costs are rising quicker than he thought.

“(The) highest costs and they're taking place not less than per week to 2 weeks earlier than even I might have predicted in my wildest estimations, that we might see $2 by the Could two-four weekend,” he stated.

Nevertheless, McTeague notes that there's a probability Russian forces might retreat in Ukraine as quickly as this week in mild of the nation’s Victory Day, inflicting a drop in costs on the pumps.

“Could 9 is the massive day wherein Russia could decide to maybe, we might hope, change its thoughts on Ukraine. It is a massive vital Memorial Day for Russians by way of the Second World Conflict.”

“If Russia decides to again off search for fuel costs to drop, in addition to oil, that may most likely result in an sudden lower in costs,” he added.

Gasoline costs have risen by about 50 per cent since final Could, when drivers have been paying round $1.30 per litre to replenish.

Yesterday, a spokesperson for Metrolinx stated the transit company just isn't planning to boost GO and UP Specific fares amid rising gas prices.

-With information from CP24’s Chris Fox