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Gas Prices Going Up

Monday, 27 August 2018 12:47

Prices at the pump are expected to rise as we approach another long weekend.

OXFORD COUNTY - Ahead of a holiday weekend, many people are wondering if gas prices will go up as they usually do for long weekends. 

Dan McTeague, Senior Petroleum analyst with Gasbuddy.com says if you see prices around 123. / 125. they are not going to get any better as we get the closer to the weekend.  

"What we are seeing here, likely toward the long weekend, prices could shoot back up to the 131. / 132. range likely by Thursday or Friday of this week, if not sooner."   

McTageue adds that this time last year we saw a spike in prices at the pump because of the development of Hurricane Harvey; since then, prices have not come down.  

So who is to blame?  McTageue says we should go easy on gas station retailers. 

"While some people may quickly conclude that 123. - still gives them a profit of two pennies per litre, while yes that may be true, except in most cases, people are using credit cards, which costs gas stations about 2-3 cents per litre.  At that point, they are down to zero margin."     

It has been an expensive year for Canadians, as there has not been enough oil going to markets.  Meaning the devaluation of the Canadian dollar and undermines the purchasing power of Canadian consumers.
 

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