Gasoline prices in the Greater Toronto Area (GTA) have surged to a new high for 2024, reaching $1.64.9 per litre, marking a 10% increase from last year, as reported by Gas Wizard. This early annual rise precedes an anticipated jump of 10 to 12 cents per litre due to the seasonal transition to more expensive summer gasoline blends. The price hike is attributed to rising oil costs, now roughly $85 to $86 a barrel, and the incremental carbon tax increase, contributing to the overall cost escalation. The federal government's carbon tax, aimed at reducing greenhouse gas emissions, rose by $15 per tonne on April 1, affecting fuel prices directly. Industry expert Dan McTeague predicts a challenging summer ahead for drivers, with potential temporary relief overshadowed by expected price spikes influenced by international demand dynamics and ongoing policy adjustments.
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