Gas prices expected to jump 8 cents tomorrow amid global energy crisis

Local drivers are being warned to fill up today as gasoline prices in the region are set to surge by eight cents per litre tomorrow.

The anticipated spike comes as the war in Iran continues and the resulting global oil supply crisis deepens.

Overnight, Brent crude oil briefly surged past $126 U.S. a barrel, marking its highest point since March 2022. While prices retracted slightly as stalled U.S.-Iran talks raised doubts over the reopening of the Strait of Hormuz, market volatility remains high.

Across Canada, fuel costs continue to climb. According to GasBuddy, the average price for a litre of gasoline reached approximately $1.81 this morning. That figure represents a 2.9-cent increase from yesterday and a 46.4-cent jump compared to the same time last year. Prices at gas stations in Hamilton later in the afternoon were around $1.73.

Dan McTeague, president of Canadians for Affordable Energy, warns that there is no immediate relief in sight, even if a ceasefire were reached in the Middle East.

“2026 is a write-off,” McTeague said. “It’s going to be a year of high energy costs and inflation because we are dealing with an energy crisis of unprecedented proportions; this is worse than 1973. It will not go away quickly.”

McTeague noted that the world is facing a substantial supply deficit, compounded by the fact that many nations have depleted their strategic reserves. “Those also have to be restored and restocked,” he added.

The financial strain is being felt acutely by consumers at the pump. McTeague predicts prices will worsen as demand increases heading into the summer driving season and the May long weekend.

In the Niagara region, motorists say the rising costs are forcing difficult lifestyle changes.

“I don’t like them, they’re too high, they suck,” said one local driver. “I try to hunt for the cheapest spot to get gas.”

Another commuter, who travels two hours daily for work, said they now spend roughly $150 a week on fuel alone. “I already don’t do much other than go to work. There’s not much I really can do because I can’t afford to do anything else.”

While prices are expected to drop by two cents this Saturday following tomorrow’s eight-cent jump, McTeague suggests that may be the only reprieve drivers see for the foreseeable future.

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