Motorists are feeling some pain at the pumps heading into the weekend as gas prices reach a new record high, and prices are expected to continue climbing through the weekend.
An industry analyst says there is no relief at the pumps in sight for motorists, with prices expected to rise to at least $2 a litre over the next two weeks.
Gas prices are sitting at 194.9 cents a litre at most stations in Ottawa Friday morning, topping the previous record of 191.9 cents a litre on Wednesday.
Canadians for Affordable Energy President Dan McTeague predicts gas prices will increase another cent in Ottawa and across Ontario on Saturday to 195.9 cents a litre. McTeague says gas prices will rise to 199.9 cents a litre on Sunday.
The rising price for gas has some motorists only filling up half a tank in a bid to save money.
“I keep a half tank, and only put a half tank at a time in. Makes me feel better,” driver Donna Dewsnap said Thursday.
McTeague expects prices to rise to $2 a litre by the May long weekend.
“We’re going to be $2.05 probably by May 2-4, if not more. We could be less. I don’t see anything in the way that’s going to stop that,” McTeague told Newstalk 580 CFRA’s Ottawa at Work with Leslie Roberts.
“I think $2 is the reality for the summer for Ottawa, maybe a little higher.”
McTeague says the decision by the European Union to ban the purchase of Russian oil by the end of the year and the eventual lifting of COVID-19 lockdowns in China will suppress demand and increase costs.
Gas prices were sitting at $1.27 a litre one year ago, according to ottawagasprices.com. It cost 79 cents a litre to fill up the gas tank in May 2020.
