Gas prices in Ontario are creeping higher once again after remaining relatively low over the past couple of months.
The price at the pumps went up six cents on Wednesday and Roger McKnight, Chief Petroleum Analyst at En-Pro International, says the average price will rise another seven cents at midnight.
The back-to-back increases will bring the price to 173.9 cents/litre at most GTA stations — the highest since Aug. 12.
Gas prices hit a record 214.9 a cents/litre in Toronto in June. The price fell to 140.9 cents/litre in September — the lowest since January.
The Ford government implemented a cut of the gas tax by 5.7 cents per litre in Ontario on July 1, and prices dropped 11 cents on that day.
The latest changes to GTA gas prices are updated daily here.
The Bank of Canada hiked its key interest rate by half of a percentage point today and said rates will need to rise further to clamp down on decades-high inflation.
Canada’s annual inflation rate dropped slightly in September to 6.9 per cent but the cost of groceries continues to climb.
With files from The Canadian Press
