Gas prices rising in Queen City

As the temperature is rising, it seems the gas prices are doing the same — much to the chagrin of drivers.

Gas in Regina is sitting at an average of about $1.13 per litre — up from just under $1.04 on Feb. 24.

Gas Buddy’s Dan McTeague told the 980 CJME Greg Morgan Morning Show the price of oil — West Texas Intermediate — has increased from $42 a barrel to nearly $59 a barrel since Christmas. During this time, the gasoline wholesale price has jumped about 25 cents per litre.

“I’m surprised frankly to see that gas is still holding at about $1.149 because it’s costing most gas stations here in Regina, unless they are getting big fat massive concessions from their supplier or refiner, it’s costing most of them about $1.11, $1,12 to buy their gasoline,” McTeague said.

Those hoping for a drop in the price shouldn’t expect to see one soon; prices are supposed to increase when the carbon tax comes into effect April 1.

“Unless they’ve got a rich uncle, a generous bank or perhaps they’ve got an accounting problem, they’re not going to be able to sell for under $1.16, $1.17 next week,” McTeague said.

He said the price of gas could get to be more than $1.20 for drivers in the Queen City.