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Gas Prices Are Going Way Up in Mississauga

Gas Prices Are Going Way Up in Mississauga”

MONTREAL | up to $ 1.35 per litre for regular, the price of gas has suffered another dramatic increase in ridership in Montreal on Friday, with an average of 12 cents of the increase.

The online gas price monitoring site essencemontreal.com is showing the $1.35 price in several Montreal neighbourhoods, including Ahuntsic, Villeray, Saint-Henri, Saint-Léonard and downtown.

Prices in Regina were at $1.01 per litre on average Thursday, compared to 95 cents last week.

Vayu senior energy analyst Keith Donnelly
Vayu senior energy analyst Keith Donnelly

"Gas prices are up in Winnipeg; on Friday, this North End station was at 107.9 cents a litre".

The Eastern Canadian price hike can be read as a "shot across the bow" to signal that refineries in Ontario and Quebec don't have excess product to sell into the US market, Mr. McTeague said. "And with that they'll be able to feed product into the Colonial Pipeline and restore inventories in the northeastern US", said Michael Ervin, senior vice-president with Kent Group Ltd.

Many U.S. refiners would like to turn to Canada for oil supplies, particularly because our lower dollar makes our petroleum products a good value.

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Average Canadian gasoline prices are set to soar this weekend after already jumping almost 10 cents per litre since Hurricane Harvey roared ashore in Texas a week ago. "There's a cascading effect where wholesalers in the east will be looking for spare barrels anywhere they can get them, and they may go as far as Chicago". Marie days before the long weekend and as of Friday at around 5:30 p.m. prices were as high as 135.9 cents per litre.

Some analysts have speculated that it could take months for the fuel market to return to normal, based on records from previous hurricane outages, but Ervin said it's more likely to be a few weeks as it appears there's been less damage to refineries and pipelines. A better picture of impact on overall supply will start to emerge early next week, although oil futures contracts are already pointing to a price decline of about 2 cents starting on Sunday, he said.

"Some of the refineries in Canada are going through fall maintenance, and that means we just don't have any capacity".

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In Vancouver, McKnight predicted little change on the weekend but McTeague says he expects a five-cent jump on Saturday.

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