Gas prices across Ontario and Quebec are set to rise to their highest level in almost two years, a petroleum analyst tells Global News.
Dan McTeague, president of Canadians for Affordable Energy, said the average price for a litre of gas is set to rise 14 cents overnight.
When drivers hit the pumps on Thursday, McTeague said the price of gas is expected to be 179.9 cents a litre.
Meanwhile, in Quebec, those in Montreal and Quebec City will see 188.9 cents a litre at the pumps.
This is the highest price for gas seen in both provinces since Aug. 2, 2022, he said.
McTeague said the significant spike is due to the changeover to summer blended gasoline and “the formulation is becoming more and more expensive.” Gasoline switches to the cheaper winter blend in the fall.
“The jump is the result of a switch over from winter to summer gasoline,” McTeague said. “We do that every year.”
However, he said this year’s increase is significantly more this year due to energy prices in the U.S markets.
“What we saw (Tuesday) was an increase from 250 a gallon, that’s on the markets in New York, to 283 a gallon,” he said.
He said heading into the summer months he predicts gas prices to fluctuate from the low end of $1.75 a litre to the higher end of around $1.95 a litre.
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