Motorists will feel some pain at the pumps today as gas prices hit a new record.
An industry analyst says there is no relief at the pumps in sight for motorists as prices are expected to rise to at least $2 a liter over the next two weeks.
Gasoline prices stand at 194.9 cents per liter at most stations in Ottawa Friday morning, surpassing the previous record of 191.9 cents per liter on Wednesday.
Canadians for Affordable Energy President Dan McTeague predicts gas prices will rise another cent Saturday in Ottawa and across Ontario to 195.9 cents a liter.
Due to the rising price of petrol, some drivers only fill up on half a tank to save money.
“I keep half a tank and only put in half a tank at a time. I feel better,” driver Donna Dewsnap said on Thursday.
McTeague expects prices to rise to $2 a liter by the May long weekend.
“We’ll probably be $2.05 by May 2-4, if not more. We can be less. I don’t see anything standing in the way of that going to stop,” McTeague told Newstalk 580 CFRA’s Ottawa at Work with Leslie Roberts.
“I think $2 is the reality for the summer for Ottawa, maybe a little higher.”
McTeague says the European Union’s decision to ban Russian oil purchases by the end of the year and the eventual lifting of China’s COVID-19 lockdowns will suppress demand and increase costs.
According to ottawagasprices.com, gas prices stood at $1.27 per liter a year ago. It cost 79 cents per liter to fill the gas tank in May 2020.