Montreal-area gas prices soar days ahead of long Easter weekend
Montreal drivers will notice a dramatic spike in gas prices since the beginning of the week, with pumps charging $1.32/L as of Thursday morning. (Cosmo Santamaria/CTV News)
Published Thursday, April 13, 2017 6:46AM EDT
Last Updated Thursday, April 13, 2017 3:39PM EDT
The long Easter weekend: a four day stretch of egg hunting, family gatherings, and a surge in gas prices-- if you live in the Montreal area.
As of Thursday morning, local commuters will notice that the price of gas has shot up to $1.32/L -- a 10 cent increase overnight.
Drivers facing sticker shock from rising gas prices in many parts of Canada should expect to dig even deeper into their wallets as the summer approaches, says a leading expert on gas prices.
The average price for regular unleaded in the country was about $1.15 per litre as of Wednesday afternoon, according to gas price tracking firm GasBuddy. That's up almost 20 per cent from a year ago.
"The numbers are eye-popping but they're also a source of public angst," said Dan McTeague, a senior petroleum analyst with GasBuddy.
He explains that the combination of higher ingredient costs for summer fuel, growing U.S. demand and the lower value of the loonie have caused prices in Eastern Canada to hit their highest level since October 2014.
This is the third price adjustment that Montrealers have seen this week alone. On Monday, drivers were paying an average of $1.15/L, and by Tuesday, the price spiked to $1.24/L.
However, in areas south of Montreal-- such as Saint-Bernard-de-Lacolle-- gas prices hovered around $1.03/L.
McTeague said he sees prices rising another three to five cents per litre in Eastern Canada.
"I sense that we are going to be seeing even higher prices throughout the summer, likely due to U.S. demand, which continues to exceed expectations," McTeague said.
Experts say that American refineries are delayed in production because the demand for Easter weekend was underestimated.
More Americans hitting the road could also mean a third consecutive year of record fuel demand, which will translate into higher pump prices in Canada.
With files from the Canadian Press.