Canada: Gas prices rise in most places on long weekend, but fall in Alberta & Quebec
Toronto, May 18 (IBNS): Although average price across the country currently is 134.4 cents per litre, prices in most of Ontario are expected to rise, media reports said.
Fuel market analyst Dan McTeague of GasBuddy.com. said that prices are expected to rise in Ontario, the Maritimes, Manitoba and Saskatchewan, but fall from recent peaks in Alberta and Quebec.
Gasoline prices in many parts of Canada rise during Victoria Day Long Weekend.
McTeague said gasoline prices are expected to rise in Toronto, Hamilton, Ottawa and most of the rest of Ontario, reaching an average of 140.9 cents per litre on Saturday, the highest since June 29, 2014.
"We said this would be the highest price [in four years] ... but honest to God, I never thought it would be this high," said McTeague.
The highest average price recorded in Canada was reportedly 142.4 cents in August 2008.
This time of the year usually experiences higher fuel because increased demand allows retailers to build in bigger profit margins, said Kent Group vice-president Jason Parent.
"We're into the beginning of the summer driving season and demand's on the rise and supply generally is a bit tighter," he said. "The general trend at this time of year is upward."
But according to reports, while prices are expected to rise in Ontario, the Maritimes, Manitoba and Saskatchewan, they would reportedly fall from recent peaks in Alberta and Quebec.
"When you suddenly double the traffic with people heading out for the long weekend, you can't afford to lose double what you've been losing," he said.
"So it's retailers that tend to drive these prices up regardless of what the [wholesale] market does."
Gas prices in New Brunswick and Newfoundland and Labrador rose Thursday by more than two cents, McTeague reported.
Quebec prices are expected to fall by as much as 10 cents over the weekend, while Alberta prices would reportedly slump by about four cents, in both cases due to local market pressures.
McTeague said Vancouver region prices could rise over the weekend but will fall back as the work week dawns.
Vancouver prices are reportedly higher than anywhere else in North America because of logistical issues.
"They can't bring enough product from Alberta into the region, so they have to go out and get imports, and over the last while, those have been higher priced because the import market is fairly competitive on the West Coast right now," he said.
(Reporting by Asha Bajaj)
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