Gasoline prices expected to continue to rise over Labour Day long weekend

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

Consumers in Ontario are expected to be paying nine cents more per litre on Saturday, taking the average price in Toronto to $1.32 per litre.

Meanwhile in Montreal, the price is expected to peak at as much as $1.42 per litre at some point over the Labour Day long weekend.

Dan McTeague, a senior petroleum analyst for GasBuddy, says Canadian fuel prices are rising by more than those in the United States because the country is undersupplied with domestic fuel, causing an overreaction to supply shortages from closed refineries on the U.S. Gulf Coast.

He and Roger McKnight, chief petroleum analyst for EnPro International, agreed that prices on the Prairies will be relatively stable over the weekend after rising by five to 10 cents to about $1.10 per litre in the past few days.

In Vancouver, McKnight predicts little change but McTeague says he expects a five-cent jump on Saturday.

The Canadian average gasoline price has risen above $1.16 per litre, according to GasBuddy.

At least two major pipelines — one that ships gasoline across the southern United States to New York, and another that flows north to Chicago — have been slowed or stopped since Harvey struck the Gulf region.

SOURCE: CBC.ca

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