Gas prices in GTA could jump to another record high this weekend

The average price of gas in the Greater Toronto Area and most of southern Ontario is set to reach a new record this weekend.

According to Dan McTeague, the president of Canadians for Affordable Energy, a two-cent gas price hike is expected on Friday, bringing it to 212.9 cents per litre.

On Saturday, another three cents will be added to the price of a litre of gasoline, which will put it at 215.9 cents.

It will break the current record of 214.9 cents per litre that was reached just last weekend.

McTeague previously told CP24 that prices at the pumps could hit 225 cents per litre at some point this summer.

As the travel season arrives, many fear that demand this summer will put further constraints on an already tight global supply that has been worsened by the Russian invasion of Ukraine.

The pain at the pumps is also being felt south of the border and across the pond. In the U.S., the average price for gasoline is nearing $5 a gallon, while in the United Kingdom, gas prices hit a record 182.3 pence per litre.

– With files from The Associated Press

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