Driver pumping gas.
The Golden Horseshoe will wake up to record-high gasoline prices Tuesday, predicts watchdog Dan McTeague, a former Liberal MP defeated in last week's election. He forecasts an average 6.5-cent rise to $1.396 per litre at the pumps in Toronto and its metropolitan region.
The news set off a stampede to local gas stations, which saw long lineups Monday evening, with some lots jammed with cars.
The price of crude rallied Monday after a drop last week, but Mr. McTeague argues other factors are at play, including the eight cents that petroleum retailers add to the wholesale cost of fuel.
The last time the price of gas was anywhere near this high in Toronto was in the late summer of 2008, when it jumped to $1.38 per litre, before dropping dramatically. It has been on a steady upward climb for more than two years.
Prices across the country are expected to vary Tuesday. The Prairie cities will see lower prices (Mr. McTeague predicts $1.219 in Calgary) while Vancouver and Montreal will see significantly higher ones, each topping $1.44.
Adrian Morrow