Drivers in the Greater Toronto Area (GTA) are in for more pain at the pumps on the weekend, as the price of gas continues to rise due to the Iran conflict and its impact on oil shipments.
En-Pro tells CityNews that prices are expected to rise six cents on Saturday, to an average price of 152.9 cents/litre at local stations.
Gas prices have risen 14 cents since Saturday, and this latest rise would bring them up to 20 cents in a week — a 15 per cent increase.
Click here for the daily gas price update.
Gas prices in the U.S. also rose another seven cents, to an average of $3.32 per gallon, AAA said Friday. That amounts to an 11.4 per cent rise in pump prices over the past week.
Benchmark U.S. crude surged 6.8 per cent to $86.57 per barrel on Friday, as the war with Iran entered its seventh day. Brent crude, the international standard, gained 4.7 per cent to $89.44 per barrel. Both were trading near their highest levels since April 2024.
Oil prices will hinge on a steady resumption of oil flows through the Strait of Hormuz following disruptions of tanker activities there, ING analysts wrote. Roughly one-fifth of the world’s seaborne oil is estimated to flow through the waterway located between Iran and Oman.
