Even higher gas prices 'in the forecast' as GTA drivers dig deeper into their wallets at the pumps

Gas prices across much of the GTA climbed to $1.68 on Thursday, and at least one expert is warning consumers they could be paying as much as $1.75 per litre on Friday and even more by the weekend.

Dan McTeague, president of Canadians for Affordable Energy, said there seems to be no immediate end in sight to the rising costs at the pump.

"It looks like we're going to continue to see prices moving up toward the $1.77 range, likely by as early as Saturday," McTeague told CBC News. 

"I don't think it's going to end any time soon. High prices and even higher prices are in the forecast."

McTeague said three things are affecting price of fuel: the global supply of oil, Russia's invasion of Ukraine and a weak Canadian dollar.

While he could not say when, McTeague said at some stage "this will hit its peak." 

Additionally, he said prices coming down will have a lot to do with "our ability to supply the surging demand for oil globally."

According to McTeague, even before Russia's invasion of Ukraine, there were severe concerns about the lack of inventory of oil globally. 

He also said roughly 54 cents of what's being paid on every litre of gas right now is taxes. 

Toronto resident Lauren Brown said she's "just really glad" her husband got his electric car two days ago, and they're "glad to be getting off gas."

She said the rising prices have affected her travel, budgeting and social life. 

"I've started getting back on the subway and stuff like that. I haven't done that since COVID," Brown told CBC News.

She also said she's "thinking about trying to find a carpooling  buddy."

Angela Wright calls the situation "very frightening."

"It just goes to show you that things that happen on the other side of the world do affect us and … we can't just sit by and go, 'Well, it's not our problem,'" Wright told CBC News. 

She said her husband is still working from home because of the COVID-19 pandemic, so they're not using a lot of gas at the moment.

But she said as soon as life opens up more and more, "it will be an issue. I think it's going to be a big issue for families."

"It must be very, very bad for people that depend on gas and gas prices to make a living," Wright said.

Impact on agriculture

Meanwhile, Crispin Colvin, executive director with the Ontario Federation of Agriculture, said without question, "this is going to have a major impact" on farming. 

He told CBC News that farmers are price takers, not price setters.. 

"So, when fuel prices, for example, go up, we have to absorb that in our day-to-day work," he said. 

As an example, he said when farmers get fertilizer, they're paying additional fuel costs to the mill to get that product.

"When I buy seed, the cost to bring that seed to the distribution centre is also going to be added on to what I'm paying," he said. 

Colvin says consumers will probably see those costs reflected soon in even higher prices at the grocery stores.

"Their margins are probably pretty thin so they're going to pass on those costs as quickly as they get hit with them."