Gas prices in Toronto have surged to 185.9 cents per litre after a seven-cent increase on Friday, and are expected to rise by another six cents on Saturday, according to predictions by Canadians for Affordable Energy.
The CAE president, Dan McTeague, told CBC Radio's Metro Morning that drivers may want to wait until Sunday when prices could drop by five or six cents.
McTeague attributed the price hike to the ongoing U.S.-Iran conflict and its impact on global oil supplies. He said that refiners in the United States and around the world are trying to play catch-up with prices while discussions to open up the Strait of Hormuz take place.
The expert warned that rising gas prices can have a disproportionate impact on low-income households, particularly retirees who rely heavily on fixed income.