Toronto gas prices expected to hit $1.32 on weekend

02 September, 2017, 01:22 | Author: Franklin Nunez
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Average Canadian gasoline prices are set to soar this weekend after already jumping almost 10 cents per litre since Hurricane Harvey roared ashore in Texas a week ago.

A number of refineries in the path of hurricane Harvey have been forced to temporarily shutter their operations because of flooding and damage concerns and today there was more bad news.

By the end of day, that's exactly what happened, at least in Sudbury, with prices reaching $1.28.9 litre at many stations in the city.

Also, if Canada's gas prices stay low, the Americans can come scoop up the supply, driving up the prices. "Arizona is faring well compared to the rest of the country". "To put that into perspective, that's about 10 to 20 per cent more than all the gas needs in Canada". Sherbrooke, amounted to $ 1.21, while the price of the Saguenay has climbed to $ 1.22 and at $ 1.24 in Rimouski.

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The near future looks better here, too.

That will bring the price up to 132.9 cents a litre, just as families hit the road for the long weekend.

The Eastern Canadian price hike can be read as a "shot across the bow" to signal that refineries in Ontario and Quebec don't have excess product to sell into the US market, Mr. McTeague said.

Harvey's effect on Texas refineries is expected to ease in coming days, once the flooding subsides and workers return. That is still unknown, Donati said, pointing out that "early reports indicate minimal damage".

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"I think about three weeks is a good estimate, until then I don't see the prices dropping", he said.

AAA is saying gas prices will continue to climb five to 15 cents, with Arizona being on the small side.

One reason: Gas inventories are at relatively historic highs, and there are big reserves of crude oil on hand as well.

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