Gas prices in the GTA have went up a staggering 25 cents per litre over the last week but one industry analyst is warning that this may be the “calm before the storm” amid ongoing geopolitical tensions in Eastern Europe.
The average price of a litre of fuel in the GTA has already risen from $1.58.9 to $184.9 since last Monday.
But Dan McTeague, who is the president of Canadians for Affordable Energy, tells CP24 that residents can expect to face more pain at the pumps as the reverberations from Russia’s decision to invade Ukraine continue to push the price of Brent crude higher.
He says that a planned increase of the carbon tax from eight to 11 cents per litre as of April 1 could also further inflate costs.
