Prices at the pump are rising and it doesn’t look like much relief is on the way.
GasBuddy senior petroleum analyst Dan McTeague notes that while prices tend to drop in the winter, a lack of gasoline inventory in the United States, provincial taxes, and a weaker Loonie are driving prices higher this year.
“The new reality is that we’re going to start to see prices well over $1.10 per litre and into the $1.20 per litre range more frequently; if there are any provincial taxes of course that’ll only increase prices.”
As of Monday afternoon, GasBuddy.com has the average price in London at $1.20 per litre, though prices tend to be highest in the morning and drop throughout the afternoon and evening.
“For now, it looks like what you see is what you’re going to get. Best case scenario, we get down to $1.12 per litre mark. Worst case scenario, we’re back in the mid-$1.20s right until Christmas.”
According to GasBuddy.com, prices at the pumps in London at this time last year averaged 92 cents a litre.
With files from 980 CFPL’s Jake Jeffrey.