London, Ont., drivers can expect more pain at the pumps later Thursday as gasoline prices are set to come close to previous records.
Although falling five cents overnight to $1.91 per litre by Thursday morning, Londoners should prepare for a U-turn as prices are expected to go back up by five cents Thursday evening, according to the website gaswizard.ca.
That will put the city two cents shy of its all-time high of $1.98 per litre set on Mother’s Day.
According to The Canadian Press, Natural Resources Canada said the average price across the country for regular gasoline hit a record of 197.4 cents per litre Tuesday.
The higher prices come in part because of supply chain disruptions following Russia’s invasion of Ukraine, as well as the re-opening of the economy leading to a higher demand for gasoline that can only be met by a certain number of refiners.
For the month of May, regular gasoline prices have not gone below $1.85 per litre.
Diesel rose by nine cents overnight to $2.46 per litre, a total rise of 15 cents over the past two days. However, no further increase is anticipated to occur overnight.
Analysts predict that gas prices will be above $2 a litre in London by the May Long Weekend.