The price of fuel jumped by 14 cents per liter overnight in the Greater Toronto Area, reaching levels not seen in nearly two years, and the switch from winter fuel to a more expensive summer blend has led to an increase in pump prices.

Dan McTeague, President of Canadians for Affordable Energy, stated to CP24 on Thursday that in past years, this transition usually results in an increase of between six to 10 cents per liter.

He said, “In the warmer (weather)… refiners are legally required to change the gasoline blend to introduce things that become less volatile,” pointing out that the most important component is the alkylates and alkanes which are extremely expensive, and the cost of this product has really increased significantly.

Fuel prices in most of Ontario are now around 179.9 cents per liter. McTeague noted that the good news is that there will be a decrease of five cents per liter at the pumps by Friday.

While 179.9 cents per liter may be the highest price drivers have seen in some time, it is still well below the record high, which McTeague stated was set on June 11, 2022, when fuel prices reached 215 cents per liter.

McTeague explained that fuel prices typically remain high during the summer months but tend to drop again in mid-September when the cheaper winter fuel blend returns.