Gas prices jump 8 cents Wednesday — biggest spike since early May
Toronto drivers will see pumps rise to 177.9 cents per litre, reversing weeks of steady declines.
Gas prices across Toronto and the GTA will jump eight cents on Wednesday, marking the largest single-day increase since early May and erasing recent relief at the pumps.
According to En-Pro International analyst Roger McKnight, prices will hit 177.9 cents per litre at most stations — pushing back toward levels not seen since mid-May when market fluctuations and supply pressures drove costs higher across southern Ontario.
The spike comes just days after prices fell nine cents on May 28, one of the lowest points of the month. The eight-cent surge is the steepest since May 6, when prices jumped 10 cents to reach 195.9 cents per litre — their highest point since 2022.
Analysts expect volatility to continue through June as summer travel ramps up and global markets react to shifting supply signals. The ongoing price swings underscore the unpredictable nature of fuel costs heading into the busy travel season.