Gas prices in the Greater Toronto Area and a large part of Southern Ontario are expected to see a significant overnight jump, potentially reaching their highest level in nine months by Friday, according to an industry analyst.

The cost of purchasing fuel in the region is expected to rise to 1.71 cents per liter on Thursday, an increase of four cents compared to today's price, says Dan McTeague, president of Canadians for Affordable Energy.

McTeague added, "Prices are expected to rise again Thursday night, reaching 1.73 cents per liter on Friday, which would be the highest fuel prices since November of last year."

He cites the recent increase in global oil prices as the reason for the expected rise, also stating that this may signal the beginning of a significant increase in fuel prices as we approach the decline.

Similarly, the United States is experiencing a rise in gas prices, partly due to Saudi Arabia's decision to extend its unilateral production cut by one million barrels of oil per day until the end of September in an effort to bolster deteriorating energy prices.