Eastern Canada drivers beware: Gas prices on the rise in your area

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Gas prices: Why drivers in Eastern Canada could pay more



“Get ready to shell out more at the pump, as gas prices are set to soar in Eastern Canada. Industry analysts are warning drivers in Ontario, Quebec, Newfoundland and Labrador, New Brunswick, and Nova Scotia to brace themselves for a significant spike in prices due to the higher cost of summer blend gasoline.

The Predictions:

According to Patrick De Haan, head of petroleum analysis at GasBuddy, gas prices could increase by over 10 cents a litre in these regions following the switch to summer gasoline. While some areas in the Maritimes have already seen price hikes, the rest of Eastern Canada is expected to follow suit in the coming days. However, De Haan assures that this surge may be temporary, as prices are likely to start decreasing by the May long weekend.

Dan McTeague, president of Canadians for Affordable Energy, also anticipates a jump in gas prices. He projects a 14-cent-per-litre increase overnight in Ontario and Quebec, with prices potentially reaching $1.79 and $1.88 per litre, respectively.

The Financial Factors:

The price surge is primarily attributed to the higher cost of summer blended gasoline. De Haan notes that the recent switch to summer gas is a one-time impact on prices, driven by increased demand as more drivers hit the road and refiners gear up for the summer driving season. Despite geopolitical tensions, such as the recent Iran-Israel conflict, De Haan suggests that these events have had minimal impact on oil prices.

Regional Variances:

While Eastern Canada is grappling with rising prices, the West Coast and Prairies have already transitioned to summer gasoline, avoiding imminent price hikes. De Haan highlights subtle differences in gasoline supplies across regions, noting that the Eastern parts of Canada are facing tighter supplies compared to other areas that did not see significant discounts when transitioning to summer blend gasoline.

In Conclusion:

As gas prices continue to fluctuate across Canada, drivers are urged to monitor the situation closely and adapt their budgeting accordingly. While the immediate future may bring higher costs at the pump in Eastern Canada, there is hope for relief as summer approaches. Stay informed, plan ahead, and make conscious decisions to navigate the ever-changing gas price landscape in the months to come.”



Reference

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