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According to GasBuddy Petroleum Analyst, Patrick DeHaan gas prices within the city and maybe even the province could spike significantly in the next few weeks or so.
“Over the next weeks between now and Victoria Day we could prices go up another 10 to 25 cents per litre,” DeHaan told Discover Moose Jaw.
Over the last couple of weeks, the price of fuel in Moose Jaw has risen anywhere from 5-7 cents per litre up to 160.9 cents per litre at most stations, with the exception of one that has a listed cost of 158.9 cents per litre.
DeHaan explained a number of factors have caused the sudden increase, one of which includes fluctuation in the price of crude oil.
“Oil prices have risen 20 per cent over the last four weeks or so. Oil prices had dropped all the way down to $65/barrel at the height of the global banking concerns that developed in the US and then Switzerland undermining potential economic gains,” adds DeHaan.
In addition, Saudia Arabia and other Organization of the Petroleum Exporting Countries (OPEC) exporters announced they would cut oil production by about 1.16 million barrels per day, which has been felt in the US and Canada.
“That caused the price of oil to jump almost seven per cent and that’s what we’re feeling. We’re feeling the after-effects of OPEC’s decision to cut production,” said DeHaan.
Seasonal factors have come into play in the current rise of fuel prices, as stations are switching over from winter to summer gasoline and oil refineries are finishing up scheduled maintenance.
On Apr. 1, the annual Carbon Tax increase occurred, which saw the price per tonne increase from $50 to $65.
“It’s kind of like a smorgasbord of different factors that are driving prices up,” he explained.
DeHaan mentioned there is a wide range of possibilities that could lead to the 10 to 25-cent per litre increase by Victoria Day.
“We are seeing refineries finish up maintenance season, the economy, China’s re-opening as well has been a little bit disappointing, and US gasoline demand has been relatively weak.”
As of Monday, the average price of gasoline in Moose Jaw is 160.9 cents per litre, which is about five cents higher than the provincial average.
The most expensive fuel price in Canada is in White Rock, BC, at 189.9 cents per litre, while the cheapest is out west in Leduc, Alta., at 124.9 cents per litre.
