Many parts of Ontario are expected to see gasoline prices top $2 a liter for the first time this weekend as prices continue to rise across the country.
While $2 a liter of regular gasoline would be a first in many parts of Ontario, the pain motorists have felt at the pumps in recent weeks has become all too familiar.
Prices in the province are expected to see a five cent increase on Saturday. According to Canadian gasoline price forecasting website GasWizard, the majority of cities in the province, including Toronto, London and Ottawa, are expected to reach $2.02 per litre.
Analysts say the continued rise could even see average prices reach $2.20 per liter at this rate.
“We’re looking at maybe the new norm somewhere between $2.10 and $2.15, or even $2.20,” Dan McTeague, president of Canadians for Affordable Energy, told CTV National News.
On Friday night, the national gasoline average was $1.93 a liter. The highest prices in the country were in Newfoundland, with gas stations charging $2.15 a litre. Alberta remains among the lowest with an average price of $1.66 per litre.
Meanwhile, the big energy companies seem to be making big profits.
Both Cenovus and Imperial Oil, owned by Esso, posted record profits in their first quarter reports. Cenovus reported $1.6 billion, an increase of $220 million from a year ago. Imperial Oil, meanwhile, brought in $1.17 billion; best first trimester they’ve had in 30 years.
McTeague says national gasoline prices will likely hit $2.10 by Victoria Day weekend.
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