Gas Prices Are Going Way Up in Mississauga

Randall Padilla
September 2, 2017

If you haven't fuelled up your vehicle for the long weekend yet, get ready to pay: The cost of gas is climbing across Ontario, including here in Windsor.

But most Canadian markets have seen gasoline prices rise several cents per litre over the past week, which has seen refinery and pipeline shutdowns in the U.S. Gulf Coast region due to storm-related flooding.

On Wednesday, he added that another hike could be on the horizon for Friday - just as people hit the road for the Labour Day weekend.

By Saturday we could be paying another 8 cents per litre more according to senior petroleum analyst Dan McTeague. Sherbrooke, amounted to $ 1.21, while the price of the Saguenay has climbed to $ 1.22 and at $ 1.24 in Rimouski.

Price of regular gas: 123.9 cents per litre.

The result has been an instant five-cent rise in gas prices in Toronto, for example - and McTeague is predicting a further jump of nine cents on Saturday.

But the era of cheap gas likely isn't over - prices are expected to quickly go back down once Gulf Coast refineries go back online, Kloza said. He said this might help Calgarians anticipate the increases better and perhaps feel the effect a little less.

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.

"We don't have enough supply in Canada and that's an argument I've made for some time", he said.

McTeague offered a look at what the country could expect in the coming week.

While he said he can not give an exact timeline as to when gas prices may dip back down, he does say they won't be changing too quickly.

Other reports by AllAboutTopnews

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