The price of gas is set to reach another new high as the weekend comes to an end.
Roger McKnight, chief petroleum analyst with En-Pro, says the price at the pumps is expected to climb five cents to 175.9 cent(s)/litre at most Toronto and GTA gas stations on Sunday.
That would be the highest price for gas in the Toronto area in almost two years, approaching the high of 178.9 cent(s)/litre in April 2024.
Including Sunday’s projected increase, the price of gasoline has risen 40 cents since the start of the month.
“The changes at the pump are not following any of the rules used by the oil companies in the past,” McKnight told CityNews following another volatile week.
“Normally pump prices follow the changes at the wholesale level with a 24-hour delay. This is no longer the case with prices moving outside the parameters of the wholesale price changes.”
On Friday, the price for Brent crude, the international standard, closed at $112.19 per barrel. Benchmark U.S. crude closed at $98.32 per barrel.
The global price for oil and gas has steadily been climbing since the United States and Israel launched missile attacks against Iran.
In response, Iran has blocked and attacked some oil shipments along the Strait of Hormuz, a passageway that about 20 per cent of the world’s oil usually passes through.
