If you still haven’t considered the electric car- you might have done that today. The gas prices continue to go up as the year unfolds. The average cost per liter is on the way to reaching a record high by this Friday. The prices will jump up to 195.9 in Toronto or even 202.9 cents per liter in Montreal. That is a rise of 50 cents since May 2021.
The oil price rise has become regular news in 2022 leaving everyone wondering what the future will bring.
Is there hope for a lower price? Yes and no.
Dan McTeague, who is the president of Canadians for Affordable Energy states that the European Union ban on the Russian oil and an easing of the lockdown in China could push the costs higher. In addition, the diesel shortage in the US also adds up to the higher prices of gas.
The good news is that in April the Ontario government proposed the legislation to cut the gas tax for 6 months. From July 1, 2022, the gas tax would go down by 5.7 cents and fuel- by 5.3 per liter. Toronto residents await the final decision in their favor.
Another option is always to look for cheaper cities to get your fuel from. Gas Wizard sends us to Peterborough and Cornwall where the gas prices are predicted to stay around 186-189 cents per liter.
What does that mean for you? You can hope for the best and chase the prices around the province or you can consider other means of transport, like a bike, electric bike or even an electric car. Either way- the big changes are on the horizon.