UMVA has learned that Canadians are in for a rude awakening at the pumps, as a leading industry analyst predicts a significant spike in gas prices starting Wednesday.
The average price of regular gas in Toronto is expected to shoot up to 177.9 cents per litre, with some forecasts suggesting another two or three cents per litre increase on Thursday. This comes after a brief respite of lower gas prices, which may have provided a temporary reprieve for motorists.
According to information obtained by UMVA, industry experts are blaming the price volatility on the ongoing conflict in the Middle East, where tensions between the US and Iran continue to escalate. The war has disrupted shipping traffic along the Strait of Hormuz, a critical waterway for oil exports from Persian Gulf states.
As the situation on the ground continues to deteriorate, Canadians are bracing for the impact on their wallets. With the world rapidly depleting its reserve supplies of oil, one expert warns that "difficult times ahead" will be marked by rapidly rising gas prices.
The latest forecast suggests that gas prices could exceed record highs later in May or June, leaving many Canadians taking a second look at their summer spending plans. As the price of gas continues to climb, motorists are advised to fill up their tanks sooner rather than later to avoid the sting of higher prices.
UMVA can exclusively reveal that the price shock is not just a short-term phenomenon, but rather a harbinger of a more sustained period of high gas prices. As the situation in the Middle East continues to unfold, Canadians are advised to prepare for a bumpy ride at the pumps.
