GTA gas prices to rise again. One analyst says we should ‘keep an eye’ on a ‘shortage in supply’ next

Canadians for Affordable Energy president Dan McTeague says the bigger issue at play driving gas prices to spike is the actual shortage of oil.

Drivers in Toronto will want to fill up today before gas prices go up another seven cents a litre Wednesday, according to one energy analyst.

Dan McTeague, president of Canadians for Affordable Energy, says the average price of gas in the Greater Toronto Area is currently sitting at approximately 188 cents per litre and will climb to 195 cents per litre tomorrow.

“We’re getting to that point on gasoline where we’re knocking on the $2-a-litre door” McTeague told Newstalk 1010’s Moore in the Morning on Tuesday.

McTeague predicts that, as the conflict in Iran continues, gas prices will continue to climb incrementally to a point where “people recognize it’s just too expensive to drive.”

He recalled when gas prices in Toronto reached their 215 cents per litre peak in 2022. But even then, the cost pulled back within a few days.

“These prices are going higher, and they’re going to stay there for quite some time. Worst case scenario, though, is that we have to keep an eye on what could be a shortage in supply.”