Gas prices hit another high Friday, just in time for the weekend.
Marquees around the GTA were showing prices of $1.14 a litre, the highest seen in this city since Hurricane Katrina played havoc with North American oil markets in 2005.
"This is the highest I've ever paid for gas," griped one driver, Iftekar Islam, though he was hardly alone in expressing frustation with the fluctuation.
But the worst may be yet to come. Many experts believe prices will continue to rise as we head into the summer months, with some suggesting drivers could soon be paying $1.30 a litre or more.
"If you want a number, I wouldn't be shocked to see prices rise to $1.20 in the very near term," said Derek Burleton, Senior Economist for TD Bank Financial.
Part of the reason for the sudden hike is reportedly due to a supply shortage that happens each year when refiners change over from winter grade gasoline to summer grade, which is less polluting but also more expensive to make.
Refiners try to sell the remaining winter grade fuel before switching, which puts supplies at low levels for a portion of the spring each year.
The staggering price of a fill-up is also being made worse by record oil prices. Crude oil was up to $112 a barrel on Thursday, dipping down slightly to $110 a barrel by the close Friday.
Additionally, analysts said an ingredient key to manufacturing summer grade gasoline, alkylate, is in short supply. That will also drive prices higher in the coming months.
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With gas at $1.14 a litre you may want to return to the days when we were complaining about paying 54.5 cents a squirt. That was just ten years ago but it seems like an eternity. Here's a look at the highest average price of gas in Toronto over the last 20 years:
1987 - 51.4 (Sept. 8)
1988 - 49.4 (July 7)
1989 - 54.7 (Aug. 1)
1990 - 65.5 (Dec. 4)
1991 - 59.2 (Jan. 29)
1992 - 58.5 (June 23)
1993 - 55.5 (Jan. 12)
1994 - 55.1 (Aug. 9)
1995 - 59.5 (April 25)
1996 - 60.0 (May 7)
1997 - 61.4 (Sept. 2)
1998 - 54.5 (Sept. 22)
1999 - 66.9 (Nov. 23)
2000 - 77.9 (June 27)
2001 - 81.5 (May 15)
2002 - 74.9 (Nov. 5)
2003 - 83.1 (March 18)
2004 - 89.0 (May 11)
2005 - 128.6 (Sept. 6)
2006 - 108.8 (July 25)
2007 - 109.5 (May 22)
2008 - 114.1 (April 11)
Information courtesy of Natural Resources Canada