Gas prices in region expected to rise

Expert predicts price at pumps could climb back up to $2.10 a litre after dip this week

With gas prices expected to remain high in Niagara, any slight dip at the pumps is an opportunity for drivers to fill up.

But that window is small heading into the long weekend. After Niagara saw a high of about $2.10 a litre Wednesday, prices dropped three cents Thursday and another 10 cents Friday, sitting, on average at midday, at about $1.91 per litre.

“Hopefully everybody takes advantage of it because (the price drop) is worth more than a cup of coffee, said Dan McTeague, president of Canadians for Affordable Energy.

However, he warned, prices are projected to rise once again.

“It’s painful to tell people to fill up at over $1.95 to $2 but they’re going to need to because it’s going up,” he said.

“We could see a penny’s increase on Sunday at this point, but the market for two days ahead doesn’t really settle … I can’t say for certain what’s going to happen for Sunday, which will of course affect gas prices Sunday, Monday and Tuesday.”

But most likely, Niagara will see a four-cent increase Saturday and a one cent increase Sunday, said McTeague, with prices sitting around $2.019 into Tuesday.

While it may be hard to pinpoint what the weekend will look like exactly, one thing is clear: Canadians will see higher prices next week, as the “summer driving season” begins in the United States.

“There is no fooling around. Supplies are low, inventories are low and production is maxed out. So any increase in demand despite record prices down there, which are nowhere near our record prices here, will only lead to higher prices,” he said.

“We could be back to $2.10 a litre in a very short period of time.”

Gas prices have been high since February, largely due to the shortages created by the Russian war on Ukraine and the resulting international sanctions.

And unless something “dramatic, unforeseen happens” in the coming days, Canadians will continue to see prices go up.

“The primary reason we got to these prices into uncharted waters has everything to do with undersupply or products (and) divesting from oil and gas,” McTeague said.

“If we keep doing this kind of stuff, $3 a litre wouldn’t be far fetched, especially if countries like Russia increase their military movement on other nations.”