Gas prices in the Greater Toronto Area (GTA) are anticipated to increase by 14 cents on Thursday

Drivers in the Greater Toronto Area (GTA) are preparing for a significant increase in gas prices at the pumps on Thursday, with expectations of a 14-cent rise starting at midnight.

Roger McKnight, the chief petroleum analyst at En-Pro International Inc., informed CityNews that gas prices will climb to 178.9 cents/litre at local stations, up from the current price of 164.9 cents/litre as of Wednesday.

This price surge, the highest since October 2022, is attributed to wholesale gas price increases and specifically affects gasoline. McKnight also mentioned a smaller increase of 0.4 cents for diesel.

Earlier this month, gas prices rose to their highest levels in six months due to the federal carbon price implementation, known as the carbon tax, which resulted in a 3.3-cent increase per litre for gasoline and a 4.1-cent increase for diesel.