Gas prices soared by a dime across Peterborough and the Kawarthas on Tuesday.
The price of a litre of regular now sits at around $1.30 at many stations in the area.
“If you are a gas retailer in Peterborough and area, it’s costing $1.17/Litre to buy the fuel. So you can’t sell it for any less than that,” said Dan McTeague, senior petroleum analyst with Gasbuddy.com.
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Motorists are feeling the pinch at the pumps as they gas up ahead of the Easter long weekend.
“It’s a great expense to every cab driver in the city. All our company vehicles, we pay the fuel. We go through a lot in a day. It’s a major expense to the bottom line,” said Mike Donnelly, Call-a-Cab Taxi in Peterborough.
But McTeague says the price should dip again before next week.
“I think you will see prices fall back to $1.20 by Good Friday and into the Easter weekend,” McTeague said. “If you don’t like the price today, wait as gas stations shed the 12-cent margin, which is what it costs to operate a gas station in Canada.”
But that break will be short-lived.
“Between the 3rd and 10th of April, we will see a four cent a litre hit, as the country shifts from winter to summer gasoline,” McTeague said.
Gas prices are up by 23 cents over the same time last year.
“It’s going to make its way through the economy. It will affect goods and services. It will be the most expensive year since 2014. The good old days for gas are over,” McTeague said.