Gas prices rise in long weekend after small dip on Friday

As gas prices are expected to remain high in Niagara, every little dip at the pumps is an opportunity for drivers to refuel.

But that window is small on the way to the long weekend. After Niagara saw a high of about $2.10 a liter on Wednesday, prices fell three cents on Thursday and another 10 cents on Friday, while averaging about $1.91 a liter around noon.

“Hopefully everyone benefits because[the price drop]is worth more than a cup of coffee,” said Dan McTeague, president of Canadians for Affordable Energy.

However, he warned that prices are expected to rise again.

“It’s painful to tell people they have to fill up for more than $1.95 to $2, but they’re going to be necessary because it’s going up,” he said.

“We could see a penny gain on Sunday at this point, but the two-day ahead market isn’t really settling down… I can’t say for sure what’s going to happen before Sunday, which will of course affect gas prices on Sunday, Monday and Tuesday.”

But most likely Niagara will see a four-cent increase on Saturday and a one-cent increase on Sunday, McTeague said, with prices hovering around $2.01.9 on Tuesday.

While it may be difficult to pin down exactly what the weekend will look like, one thing is clear: Canadians will see higher prices next week as the United States kicks off the start of the “summer season.”

“There is no fooling around. Inventories are low, inventories are low and production is maximum. So any increase in demand despite record prices down there, which are nowhere near our record prices here, will only lead to higher prices,” he said.

“We could be back to $2.10 a liter in a very short time.”

Gas prices have been high since February, largely due to the shortages created by Russia’s war on Ukraine and the resulting international sanctions.

And unless something “dramatic, unforeseen” happens in the coming days, Canadians will continue to see prices rise.

“The main reason we got these prices in unchartered waters has everything to do with undersupply or product(s) divesting of oil and gas,” McTeague said.

“If we keep doing things like this, $3 a liter wouldn’t be far fetched, especially if countries like Russia increase their military movements to other countries.”

Leave a Comment