Drivers across the nation’s capital will face another jump at the pumps on Wednesday, as gas prices rise five cents to 195.9 cents a litre at most stations.
CityNews’ historical data shows gas prices have surged from the mid‑160s in mid‑April to the high‑180s, and now to 195.9 cents per litre in early May. The last time drivers saw numbers this high was nearly four years ago, in July 2022, when global energy markets were reeling from post‑COVID-19-pandemic demand and international supply shocks.
The latest hike continues a steady upward trend that has defined the spring fuel market. Gas prices have climbed sharply since late April, with multiple daily increases of three to seven cents as global supply pressures and refining costs continue to squeeze consumers.
Why prices keep climbing
Fuel markets have been under sustained pressure this spring.
Global crude prices have been rising amid ongoing geopolitical instability, including supply concerns tied to Iran, which sent shockwaves through international energy markets in April. Those disruptions have filtered directly into North American wholesale prices, which heavily influence what drivers pay at the pump in Ontario.
Seasonal factors are also at play. Spring typically brings higher demand and refinery maintenance cycles, both of which push up the cost of producing gasoline.
The federal government’s temporary pause on the 10‑cent‑per‑litre excise tax, introduced April 20 to offset the Iran‑related price spike, has done little to counteract the upward momentum. While the tax break remains in effect until Labour Day, rising crude prices and increased demand have largely absorbed the relief.
Forecasts remain uncertain, but analysts warn that continued geopolitical tension and seasonal demand could keep prices elevated through May.
Close-up of a hand holding a green fuel pump nozzle, refueling a car at a gas station. Photo: Getty Images.
