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Gas prices in Hamilton expected to hit $1.35 per litre

Gas prices in Hamilton could go as high as $1.35 by mid April. THE CANADIAN PRESS / Graham Hughes

The days of $0.97 per litre gas appear to be in the rearview mirror.

According to gasbuddy.com senior analyst Dan McTeague, Hamilton could see prices skyrocket to $1.35[a litre] by mid-April.

LISTEN: Bill Kelly talks to gasbuddy.com senior analyst Dan McTeague

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“We got a false sense of good [gas] pricing from November until around the last week of February,” McTeague told 900 CHML’s, Bill Kelly. “The rapid rise is a result of supply and demand at an international level.”

“Canadian oil refineries were producing so much oil, people in Ontario were seeing prices that were even below the international market. In my 20 or more years analyzing petroleum, I have never seen that.”

Combine international pressure with the switch over to summer fuels and consumers in Hamilton are looking at an increase of 5 cents per litre.

“For the past 35 years, we’ve had a standard in Canada,” said McTeague, who is a former Liberal MP and Consumer Affairs Critic. “As the weather warms up, gasoline becomes more volatile. You want to make sure you have additives in the blend of your gasoline so it doesn’t evaporate.”

READ MORE: Canada’s trade deficit shrinks to $4.2B in January amid oil price rebound

April Fools won’t be so funny for Canadian gasoline consumers. The federal carbon tax kicks in on Monday, adding another 5 cents.

McTeague added that Hamilton gas prices, in particular, can be erratic. He says prices tend to decline later in the day.

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WATCH: Fuel analyst predicts wild and bumpy ride for 2019 gas prices

Click to play video: 'Fuel analyst predicts wild and bumpy ride for 2019 gas prices' Fuel analyst predicts wild and bumpy ride for 2019 gas prices
Fuel analyst predicts wild and bumpy ride for 2019 gas prices – Jan 2, 2019

 

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