Liberal MP and gas price watchdog MP Dan McTeague is warning drivers to expect a 3.4 cent a litre increase in the price of regular gas today.
That brings the average price in the Toronto area to 97.7 cents per litre, but closer to the dollar a litre mark in Montreal and Vancouver. The price of oil has been rising on world markets to about US$60 a barrel, but McTeague doesn’t believe that’s the reason for the latest spike.
He says “this is nothing more than pure profit taking” and comes at a very bad time when the economy is not doing well.
McTeague says demand for gas is down and supply is up and gas prices should have been stabilized somewhere in the 75 cent range.
The cost of gas has now risen about 15 cents over the last three weeks. - Toronto
Tags: Canada News, Gas Prices, Toronto Economy
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