Gas prices: New highs expected in parts of Ont. this weekend

Many parts of Ontario are expected to see gas prices above $2 a liter for the first time this weekend as prices continue to rise across the country.

While $2 a liter for regular gasoline would be a first for many parts of Ontario, the pain motorists have felt at the pump in recent weeks has become all too familiar.

Prices in the province are expected to rise five cents on Saturday. Most cities in the province, including Toronto, London and Ottawa, are likely to reach $2.02 per liter, according to Canadian gas price forecasting website GasWizard.

Analysts say the continued increase at this rate could even see average prices reaching $2.20 per liter.

“We may see the new normal somewhere between $2.10 and $2.15, maybe $2.20,” Dan McTeague, president of Canadians for Affordable Energy, told CTV National News.

As of Friday night, the national average for gasoline was $1.93 per liter. The highest prices in the country were found in Newfoundland and Labrador, where gas stations charge $2.15 per liter. Alberta has the lowest prices averaging $1.66 per liter.

Meanwhile, big energy companies appear to be reaping big profits.

Cenovus and Esso-owned Imperial Oil both posted record-breaking earnings in their first-quarter reports. Cenovus reported $1.6 billion, up $220 million year-over-year. Imperial Oil, on the other hand, brought in $1.17 billion; the best first quarter in 30 years.

McTeague says national gas prices are likely to hit $2.10 by Victoria Day weekend.

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