Gas price hits another record high for 2024 and will go up again soon in Ontario
Published April 4, 2024 at 1:19 pm
The price of gas saw another spike in Ontario on Thursday, just days after breaking a record high for the year as prices are expected to jump again.
The price of gas at Ontario pumps rose to 162.9 cents/litre on Monday as the national price on pollution rose by $15/tonne, which saw the carbon tax on gasoline go up by 3.3 cents/litre.
That price set a record for the highest cost for gas of the year, up from the previous yearly high of 160.9 cents/litre recorded on March 21, according to the fuel price tracking website Gas Wizard.
But market experts don’t expect that record to hold long as there could be another spike of around 13 cents/litre coming by the middle of April.
President of Canadians for Affordable Energy Dan McTeague says the price jump is expected around April 15. And unlike previous years, the hikes will be here to stay, according to reports.
By comparison, gas prices last March in Ontario saw notable fluctuations, peaking at 152.9 cents/litre and a low of 139.9 cents.
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The price of premium gas and diesel fuel also saw price jumps on Thursday from 192.9 cents/litre to 194.9 and 164.9 cents/litre to 167.9, respectively.
Thursday’s fuel prices are expected to carry over to Friday across the GTA.
RELATED: Benefit cheques will be up to $280 this April in Ontario
Gas Wizard says prices increase in the spring due to the Reid Vapour Pressure (RVP), which measures gasoline’s evaporation speed. In summer, a lower RVP is required to lessen pollution, making production more costly and leading to higher prices between June 1 to Sept. 15 across the country.
Those prices tend to drop again in the colder months, but Ontario drivers may not see the same reductions heading into 2025 due to increased costs and taxes.
McTeague helps with the forecasts on Gas Wizard, which also offers some helpful tips on how to save money on fuel while prices continue to rise:
- Plan Trips Efficiently: combine errands into one trip to use less gas.
- Carpool or Use Public Transit: save on gas costs by sharing rides or taking buses/trains.
- Regular Vehicle Maintenance: perform oil changes, tire rotations, and keep tires properly inflated for better fuel efficiency.
- Loyalty Programs: join gas station rewards programs to save on fuel.
- Monitor Gas Prices: keep track of price changes and plan fill-ups.
- Cashback Credit Cards: use credit cards that offer rewards on gas purchases to save money.