Here's when gas prices will increase another 6 cents a litre in Ottawa
The cost to fill up the gas tank is set to increase again in Ottawa on Thursday, and an industry analyst warns prices are likely to continue to rise after the Thanksgiving long weekend.
Gas prices increased 10-cents a litre at stations in Ottawa and across southern Ontario on Wednesday to $1.629 a litre.
Canadians for Affordable Energy President Dan McTeague says gas prices are expected to rise another six cents a litre on Thursday to 168.9 cents a litre.
"The bad news is I don't think it's going to stop there," McTeague told CTV Morning Live Wednesday morning.
"We may get a break for a couple of days, maybe, but with OPEC deciding to cut back about 1.8 million barrels in production to, as it were, adjust the market and taking into account their concern for inflation. The reality is that we could be looking at a several more cents being added – a buck 75 perhaps by as early as mid-next week."
McTeague says the decision by oil-producing countries to decrease output comes as demand for oil and gas will continue to rise into the winter months.
"Oil demand will continue to rise despite the narrative, and so that really means is someone is going to have to step up to the plate and OPEC's saying they're not going to do that," McTeague said.
Wednesday's gas price of 162.9 cents a litre is the highest price for gasoline in Ottawa since mid-August.
According to Ottawagasprices.com, the average price for gasoline was $1.34 one year ago and $0.92 a litre in October 2020.
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