Gas prices in Toronto expected to climb as Ontario's cap and trade program comes into effect

GTA residents will likely pay a lot more to fuel their vehicles in 2017.

The cap and trade program, part of a National strategy to combat climate change, kicked in on January 1, 2017 and is designed to reward businesses for reducing greenhouse gas emissions.

For consumers, this means that prices at the pumps are expected to climb.

gasbuddy.com

According to price comparison site, gasbuddy.com, prices are already trending upwards. The average price of unleaded gas has jumped 3.1 cents since yesterday, while the average price is up 14.2 cents since last year.

gasbuddy.com

Alberta is also feeling the pain at the pumps today with their newly implemented carbon tax taking effect on January 1, 2017 as well.

Take solace that gas prices in Ontario are still better than in British Columbia where carbon pricing was implemented back in 2008, AND in Quebec, which has participated in a cap-and-trade program, similar to Ontario’s, since 2013.

gasbuddy.com

See also