If you need to fill up and you drive a diesel, you're going to want to do it today.
Anyone using diesel fuel will want to get out to the pumps today before a major price jump hits us tonight.
Senior Petroleum Analyst with GasBuddy.com and founder of TomorrowsGasPriceToday.com Dan McTeague says they are predicting a huge jump. "The reality is that diesel tends to drive the world economy. So this evening in Ontario we're going to look at about a 6 cent a litre increase. Some places may hold back a couple of days, but that increase will be passed on tonight." The price is expected to jump 7 cents in Quebec, 3 cents in the Maritimes and most of Western Canada.
This jump will hit diesel drivers hard, but even if you don't drive a diesel you could still see some of the backlash in other places, like the grocery checkouts according to McTeague.
There are many factors at play here. "Well in this case, two of the three refineries in Ontario, particularly a terminal in Ontario and two refineries in Sarnia, appear to be struggling with diesel output. That mean, of course, that they are what is referred to in the industry as allocation," McTeague says. He also points to the problems Shell and Suncor experienced last month, and the increase in demand for diesel fuel during harvest season.
"All three of those factors combined explain why we are seeing, and we and we are about to see a pretty dramatic increase in diesel prices which have pretty tame and quiet for the past several weeks. Typically they start to move up at the beginning of October and we didn't see that because the world is fairly well supplied in diesel but right now locally and within Canada there seems to be a bit of a shortage at least for the foreseeable future."
A similar jump in gasoline isn't expected - the price is expected to hold fairly steady in the immediate future.
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