The start of spring could bring with it pain at the pumps.
Toronto drivers could be shelling out $1.40 for a litre of gas by the end of March, the highest price ever, Roger McKnight with En-Pro International predicts.
“We’re looking at an eight-cent-a-litre increase,” he explained Friday. “We’re going to be dangerously close to $1.40 a litre.”
McKnight says the Canadian dollar is a big factor, as it’s 10 per cent lower than it was a year ago.
“Crude oil and refined products are paid for in U.S. dollars, so that’s a 10 per cent increase right there.”
“The other thing is that the demand for gasoline is up,” McKnight said.
The winter weather also contributes in pushing up the price.
“This has driven down diesel and heating oil prices to well below the five-year average and that is supporting crude prices,” he said.
The most Toronto has ever paid is just above $1.38 a litre.
Below is historical gas prices for Toronto going back five years courtesy of Gas Buddy.
|Toronto Historical Gas Price Charts Provided by GasBuddy.com|
How are you coping with cost increase?