On Air Now

Carly Kincaid

10:00am - 2:00pm

  • 519-537-1047

Now Playing

Listen Live Listen Live HD2

Gas Prices to Jump Overnight

Wednesday, 30 December 2015 13:54

The price of gas is expected to jump overnight in Oxford County

OXFORD COUNTY - Oxford County is bracing for a jump at the pumps.

Senior Petroleum Analyst with GasBuddy.com and founder of TomorrowGasPriceToday.com Dan McTeague says a change in the price of gas is coming. "Well you might not see much in the way of a change immediately but it's about a one and half cent wholesale price increase. That will affect almost all stations. It's likely that will be passed on, if not overnight then certainly by Monday. Some gas stations might decide to hold off until the weekend is over."

McTeague attributes the increase to two factors: "A small increase yesterday on the Futures Markets in New York but more importantly a bit of profit taking - year end profit taking - by refiners in Canada. Particularly those in the Ontario area led by Imperial Oil, Shell, and SunCor: those are the three refineries that we have here in Ontario."

He says this change was unexpected, and he urges everyone to fill up now if they need to top up before New Year's Day. "I really wasn't expecting much in ways of an increase to begin with," McTeague says. "But given that there was about a 0.7 cent increase the other penny was added on by oil companies - refineries in particular - who are not quite content with having a premium of about 9.2 cents a litre above global benchmark prices for our gasoline."

Share

More from Local News

Comments

Add a comment

Log in to the club or enter your details below.
Rating *

Weather

Recently Played

© Copyright 2026 104.7 Heart FM (CIHR-FM) is owned and operated by Byrnes Communications Inc.. Powered by Aiir.