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By Special to MoneySense on February 24, 2016
Estimated reading time: 1 minute

Gas prices in Ontario may go up 4.3 cents a litre

By Special to MoneySense on February 24, 2016
Estimated reading time: 1 minute

Cap-and-trade to add $5 a month to natural gas bills

This article is 9 years old. Some details may be outdated.

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TORONTO – Ontario Premier Kathleen Wynne says her government’s cap-and-trade plan will add about 4.3 cents a litre to the price of gasoline and about $5 a month to natural gas bills. However, Wynne says electricity consumers will be “protected” against rate hikes because of cap-and-trade, and could even see their rates go down. She says the government will use revenue raised from auctions of carbon emissions to industries to keep electricity rates in check. Why you’re still paying too much for gas at the pump » Wynne says people have to realize the cost of doing nothing to combat climate change will be even greater than putting a price on carbon. More details of the cap-and-trade plan are expected to be revealed in Thursday’s Ontario budget. It is scheduled to take effect next January and the government expects to raise about $1.3 billion in its first full year of operation, money that will be devoted to lowering greenhouse gas emissions.

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