Gasoline prices will increase temporarily in 2024

It's possible that Canada will see a slight increase in gasoline prices in the new year, but experts say the price will eventually remain flat until 2024. Head of Global Management Studies at Metropolitan University of Toronto, increasing the carbon tax will increase the price of each liter of gasoline by 2.5 to 2.6 percent by 2024.

"The reason we're seeing some kind of stabilization or flattening of raw material prices is because of the high inventory in the United States and lower demand from China," Manjoris said. "So, overall, we will not see a significant increase in gasoline prices during 2024."

In 2022, the price of gasoline increased due to some geopolitical factors and at one stage reached 214.9 cents per liter in metropolitan Toronto. Since then, gasoline prices have not returned to conventional prices before 2022.

At the beginning of December 2023, the price of gasoline reached the lowest level in the last few months, i.e. 139.9 cents per liter in Toronto, and experts expect this trend to continue until 2024.

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