Payments at the pumps are about to sharply increase
Posted August 26, 2021 1:26 pm.
Last Updated August 27, 2021 9:52 am.
If you have a road trip planned in the coming days, this may sway your decision to stay put for the next little while.
Roger McKnight at En-Pro has the price of the pumps going up 5 cents per litre at midnight tonight to almost $1.41. That would put it in range of the previous record which we saw a few years ago.
“People have been hiding behind the COVID curtain for 16 months. They peaked out the window and they’re saying ‘to heck with it, I’m going to get in my car and drive somewhere'”, McKnight says.
It wasn’t that long ago where gas prices plummeted to just cents per litre due to the pandemic.
The big question is why, as the price for oil hasn’t done much of anything.
It’s really running on more emotion than speculative level than anything else”, McKnight says.
He says supply is below the 5-year average but the demand up about 6% week-over-week, “demand is right back to where it was two years ago even though we still have a virus”.
GTA wholesale gasoline prices have been elevated, but again not at record highs. The carbon tax is leading to a higher price but still not enough to explain why the price is as high as it is.
We are seeing increased demand for gasoline, the refiners haven’t said anything about issues with output.
Fill 'er up today if you can. The experts at Enpro tell #680NEWS the price at the pumps will go up 5 cents at midnight to a potential record $1.41 per litre pic.twitter.com/n8Xu502tMx
— Catherine Jette (@CatherineJette) August 26, 2021
Breaking records for the price of gas isn’t out of the question. Fees typically increase ahead of the Labour Day long weekend, which is still over a week away.
The average cost across Canada is $1.40, while on the federal election campaign, the cost of living and affordability have been key talking points.
