It is expected that the price of a liter of gasoline will jump another six cents at midnight, but there may be relief on the horizon, according to industry analyst Dan McTeague, head of the Affordable Canadians Energy Association, who told CP24 that he expects a 15 percent drop starting Friday, which would bring the price of a liter of gasoline down from $1.90.9 to $1.75.9 across the Greater Toronto Area, for example.

However, McTeague warns that the one-day drop may be an anomaly because Russia's decision to invade Ukraine continues to exert upward pressure on oil prices.

Earlier this week, the price of a barrel of oil reached $140, the highest level since 2008.

But prices fell today Wednesday by 17 percent to $105 per barrel following the UAE's call to OPEC to increase production.

But the UAE later said, through the UAE Energy Minister as reported by Reuters, that the UAE is committed to the OPEC agreement and its monthly mechanism to adjust production.

McTeague said: "I would never encourage $1.759, but nevertheless, it is heading in the right direction at least and provides a small relief from what otherwise was an upward push in prices."

Explaining, "I think we are still looking at oil (American) to be worth $150 sooner or later, and it is likely to be pushed now down the road several weeks."

The average price of a liter of regular gas in the GTA has risen 32 cents so far this month.

McTeague also said he expects gas prices to remain in the "1.80 plus dollar" range in the foreseeable future, with the potential for gas prices to exceed $2 per liter in the future.

But in the meantime, he said drivers should expect a lot of volatility at gas stations.

He said: "It is impossible to make any kind of determination because we are looking at a scenario where markets are highly volatile."

Adding, I think many markets are trying to find a footing to take advantage of the existing supply and demand situation, which may take several weeks."