Record gas prices expected in parts of Ontario this weekend

As prices continue to rise across the country, gas prices are likely to reach $2/litre in many parts of Ontario this weekend.

For many areas of Ontario, $2 per Liter for regular gasoline would be the first time that this price has been seen. However, it’s become very familiar to motorists how they feel at the pump over the past few weeks.

The province’s prices will see a five cent increase on Saturday. GasWizard estimates that $2.02 per barrel is likely in major cities like Toronto, London, and Ottawa.

Analysts predict that average prices could reach $2.20 per gallon if the rate of increase continues.

“We’re looking at perhaps the new normal being anywhere from $2.10 to $2.15 maybe $2.20,” Dan McTeague, president of Canadians for Affordable Energy, told CTV National News.

On Friday evening, the national average price for gasoline was $1.93 per gallon. Newfoundland has the highest gas prices, charging $2.15 per gallon. Alberta is still the least expensive with an average price for a litre at $1.66

In the meantime, large energy companies appear to be making huge profits.

Both Cenovus Oil and Imperial Oil, which are owned by Esso, have reported record-breaking quarterly profits. Cenovus reported $1.6 Billion, which is a $220 million increase over last year. Imperial Oil, meanwhile, brought in $1.17 billion; the best first quarter they’ve had in 30 years.

McTeague claims that national gas prices will reach $2.10 by Victoria Day weekend.