Drivers in the Toronto area will want to make sure to fill up their gas tanks on Thursday, as there is a big jump in fuel prices coming at midnight.

En-Pro said that the price at the pumps will increase by five cents on Friday, to 2.089 cents/liter at most stations in the Greater Toronto Area.

Earlier this week, the total refined gasoline price reached unprecedented levels in US markets. This will affect the retail price at gas stations.

The total energy price continues to drive inflationary pressures, as natural gas prices reached $9 in the international market on Thursday morning, the highest price point in 40 years.

Meanwhile, the Bank of Canada raised the key interest rate by another half percentage point to 1.5 percent on Wednesday in an attempt to curb runaway inflation. The high cost of consumer goods from gasoline to groceries has led experts to speculate that more interest rate hikes are on the horizon this year.

Awaiting the provincial election results on Thursday, the Progressive Conservative Party has promised a temporary fuel tax cut of 5.7 cents per liter for six months starting July 1.

Meanwhile, Liberal leader Steven Del Duca said he would maintain the gas tax cut if elected, while also offering discounts for electric vehicles and encouraging people to use more public transit.

New Democratic Party leader Andrea Horwath said she would regulate retail and wholesale fuel price increases, having the Ontario Energy Board set a weekly price that includes reasonable profits for gas companies.

Ontario residents will also get more money from federal government checks to offset carbon prices. For the first time, payments will be quarterly rather than hidden as a lump sum in annual tax return deposits. The first checks in 2022 will be a double payment for two quarters in July, followed by quarterly payments in September and January 2023.

Editing: Dima Abu Khair