Peterborough gas prices set to skyrocket this weekend

Gas prices expected to increase Labor Day weekend due to Harvey
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02 September, 2017

That will bring the price up to 132.9 cents a litre, just as families hit the road for the long weekend.

Although Canadian refineries arent directly impacted by the storm, they dont have enough capacity to meet all the needs, he said.

Analysts expect a hike of around 5 cents by Friday evening, followed by a further jump of 9 cents on Saturday.

Analysts say average gasoline prices across Canada will continue to rise this weekend after jumping nearly eight cents per litre since hurricane Harvey roared ashore in Texas last Friday.

"There was a five-cent jump at the pumps in Ontario today", said Dan McTeague, a senior petroleum analyst for Gasbuddy.com, on Friday.

This is amid reports of shortages due to extensive flooding in Texas and other states along the U.S. Gulf Coast.

McTeague said service stations in Montreal could take advantage of higher wholesale prices to raise prices and increase profit margins.

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On Monday, the average price on the island was $1.16.

"The refineries are actually built to withstand a hurricane", he said.

TD Securities analyst Bart Melek said in a note Friday he expects crude oil prices to strengthen to above US$50 per barrel before the end of September as Houston refineries, ocean import facilities and pipelines gradually return to normal operations.

Compared to Thursday, the commodity price has already jumped more than six cents a litre in NY, meaning the increase in New Brunswick is likely to happen tonight.

“And a potential increase for Sunday, ” McTeague added.

McKnight said he thinks gasoline prices will drop back by two or three cents per litre next week throughout Canada.


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