Gas Prices Expected to Jump 4.5 Cents a Litre Overnight
The oil industry in Canada is forecasting a jump in gas prices overnight that could potentially equal up to 4.5 cents a litre.
The website Tomorrow’s Gas Price Today (TGPT) reported this prediction specifically for Toronto prices which are estimated to reach $1.40 per litre. The rise is attributed to the annual shift in gas prices from winter costs to summer costs.
TGPT website owner Dan McTeague was less than impressed with the industry’s explanation.
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“The fact is that fuel specs in Canada, unlike the US, don't change with the season. Tonight's increase is simply an excuse to ding motorists, safe in the knowledge that no one will challenge this nonsense,” McTeague stated on his site.
Will this prediction cause Canadians, specifically those in Toronto, to line up at the pump before midnight tonight? Fortunately for those who use diesel, no such an increase is forecasted. Diesel prices are expected to be between $1.24 and $1.28 tomorrow.
McTeague has previous industry experience, specifically as a Member of Parliament. Starting TGPT in 2008, McTeague started the site hoping it would help save Canadian consumers at the pump with his gas price predictions published a day in advance as well as to point out to policy makers and citizens the lack of competition in Canada’s energy sector.