The Ontario government’s new cap-and-trade program is officially in place which means that Toronto drivers can expect to pay more for gas.
The CBC is reporting that the province estimates that the new cap-and-trade program, which has been established as a method to curb carbon emissions province-wide, will increase the price of gasoline up to 4.3 extra per litre.
Industry experts say that gas stations themselves will be paying around 4.4 cents extra per litre which will translate into average rates at the pump around $1.20 a litre. Essentially, the days of paying $1.00 per litre or less in Toronto are over. Depending on the car, the average Toronto driver will have to spend an extra $7-$10 to fill up their ride in 2017. Over a course of a year, this is substantial for many Toronto residents.
In addition to being gauged at the pumped, home heating fuel, furnace oil and jet fuel will also go up, causing an increase in pricing across the board in your life. Expect to pay more to heat your home and to pay more when travelling or vacationing.
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