The price of gasoline at the pump is expected to rise five cents this midnight to settle at $1.63 a litre at most stations. The highest price in the region since mid-April and one cent less than the highest price in 2023.
Gas prices have risen ten cents in the past seven days, including a four-cent jump last week on the Friday before the Victoria Day long weekend.
Experts have said changing factors, including the Alberta wildfires, the slowing economy and potential supply pressures, will have an effect on gasoline prices as we head into summer.
Demand for all types of gasoline has increased, especially for jet fuel, indicating strong interest in travelling outside the country, said Roger McKnight, a senior oil analyst at EnPro International.
This week's price increase is an indirect effect of falling supply and rising demand ahead of the US Memorial Day long weekend. American drivers are expected to head out in record numbers during the summer driving season.
US wholesale supply is at the lowest level since 2014.
GTA gasoline prices peaked last summer at a record $2.14/litre in June 2022 before falling to $1.33/litre in December.