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Commodities

Gas Prices Skyrocket as Global Supply Crunch Takes Hold

Guavy AI Editorial Team
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Oil
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Ontario gasoline and diesel prices are expected to rise on Thursday due to recent increases in oil prices on global energy markets.

Dan McTeague, head of Canadians for Affordable Energy, predicts gas prices will jump by six cents per litre, while diesel could climb by 12 cents per litre on Sept. 17.

This increase would bring peak Greater Toronto Area (GTA) morning prices to 188.9 cents and 265.9 cents, respectively.

The price hike is attributed to a global supply crunch caused by the ongoing U.S.-Israeli conflict with Iran and continued fighting between Russia and Ukraine.

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