Gas prices are about to hit another record in Toronto. Here's when

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Gas prices across the Greater Toronto Area will reach a new record high this weekend, according to one industry analyst.

The average cost of a litre of regular gasoline actually dropped four cents overnight to 192.9 cents per litre.

But Dan McTeague, who is the president of Canadians for Affordable Energy, told CP24 on Thursday afternoon that the relief will be extremely short-lived.

McTeague said that gas prices will go up a nickel at midnight to 197.9 cents per litre and then another five cents on Saturday. That will bring prices to a record 202.9 cents per litre throughout all of southern Ontario, he said.

“When you look at the fundamentals supply and demand for diesel for gasoline going into summer driving season, not only are we low – we’re critically low, and that is one of the main reasons why prices are going up,” McTeague said, adding that another factor is the weak Canadian dollar.

“It's not going to get any better anytime soon."

The current record of 199.9 cents per litre on average was reached last Sunday, though a number of stations in the GTA were seen selling gas for more than $2 per lite over the weekend.

McTeague has previously said that he expects average gas prices to hit $2.10 per litre by the Victoria Day long weekend, driven in part by the ongoing war in the Ukraine.

“Two dollars a litre this summer is in fact the new normal,” he told CP24 last month.

Gas prices have risen by about 50 per cent since last May, when drivers were paying around $1.30 per litre to fill up.