GTA gas prices may soon 'take off,' industry analyst warns

GTA residents could soon see gas prices “take off” over the next week, with a four-cent hike expected overnight, an industry analyst tells CP24.

Dan McTeague, the president of Canadians for Affordable Energy, said Friday’s rise will be followed by a one-cent hike on Saturday and potentially another increase of four or five cents per liter by mid-week.McTeague told CP24 that concerns over the debt ceiling crisis have subsided and that is one factor that is likely to cause prices to “slap back.” that we can expect to see the price of fuel soar this summer.

“This is really only the beginning of what could be a bit of a gas price or energy price cycle that could push us back to -- not what we saw last year when it was to 215.9 on June 8 here in the GTA and across most of Ontario -- but more consistently, you know, the upper $1.70 to $1.80 range pretty much over the year,” he said in an interview on April 18.

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