The average cost per liter of gas in Ontario will hit a new record on Friday, with at least one industry analyst warning that it "will become more painful for drivers" in the coming weeks.

The gas price currently averages 190.9 cents per liter at most gas stations, which equals the previous all-time high recorded on March 10. But Dan McTeague told CP24 in an interview that he expects prices to rise on Friday, either to 194.9 or 195.9 cents per liter.

He added, "This will become more painful and will last much longer. There is nothing on the horizon that would cause these prices to drop." "It is a very dangerous situation, and it will continue to add inflationary pressures on everything, and I think it is time that we start seriously addressing this issue; not just inflation but energy affordability in particular."

Why is gas expensive now?

McTeague said that the European Union's decision to ban the purchase of Russian oil by the end of the year is likely to push costs higher, as well as the final lifting of COVID-19 lockdowns in China that had halted demand.

Also, the ongoing diesel shortage in the Northeastern United States is probably "the most concerning thing" right now, as some refineries "may think twice about producing gasoline" so they can focus on producing diesel.

The gas prices have risen about 50 percent since last May, when drivers were paying about $1.30 per liter.