Gas prices are set to surge in Toronto and the Greater Toronto Area (GTA), with industry analyst Roger McKnight predicting a seven-cent increase to reach a potential 170.9 cents per litre at most gas stations by Wednesday.
This latest hike marks a return to price levels reminiscent of earlier in the summer, highlighting the ongoing fluctuations that have characterized the fuel market in recent times. Throughout 2026, gas prices in the GTA have shown considerable volatility, with drastic drops in late May quickly offset by spikes attributed to global supply constraints and geopolitical unrest, according to data from CityNews’ historical gas price tracker.
McKnight notes that these mid-week price spikes have become increasingly prevalent as markets respond to evolving wholesale costs and seasonal shifts in demand. Gas prices in the region have experienced multiple surges this year, despite a brief respite from the federal government’s temporary suspension of the excise tax. However, the impact of this relief has been overshadowed by the continuous rise in crude oil prices.
Keyphrase: Gas price spike Toronto