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Gas prices predicted to rise to high of $1.50 per litre

TORONTO – Gas prices went up again Tuesday morning by 0.6 cents to $135.5 a litre. However, that will be nothing compared to where the price is going to be in the next few months.

Gasbuddy.com predicts we will continue to be hosed at the pumps. Jason Toews, the website co-founder said the trend only seems to be going higher through summer road-trip season.

If you are going on a vacation and planning to drive there this summer, you might want to start saving some gas money. The summer driving season is going to be hard on your wallet.

Canadians may soon be filling up their gas tanks at an average of around $1.40 per litre, a price they have not seen since the summer of 2008.

According to Toews, the national average for regular gas could hit $1.40 per litre by Victoria Day.

Gasbuddy.com also indicated that the current Canadian average price at around $1.28 per litre. It is at the highest level since the financial crisis hit in the fall of 2008.

Toews said about 70 per cent of the cost of gasoline comes from the global price of crude oil.

He told 680News that if $1.40 a litre scares you, wait until July and August.

“I am expecting prices to this summer to get up to $1.45 to $1.50 per litre in the GTA,” said Toews.

One commuter at Yonge and Bloor told 680News, “I may need a second job … That’s crazy!”

Another commuter told 680News that the current gas price rise has made him consider other options. “I car pool now! I might even consider taking to GO Train, but that in itself is like a mortgage that I can not afford.”

Toews said as motorists begin to take the road during the start of summer, the demand will increase, and so will the price.