Gas prices are going up.
GasBuddy.com reports the price at the pump went up seven-cents per litre overnight Thursday and is forecasting prices to rise another two-cents a litre by Saturday.
Senior Petroleum Analyst, Dan McTeague, expects gas stations in the Windsor area will raise prices an average of 10-cents a litre over the next couple of weeks to 90-cents a litre.
What’s been going on is since late January, refineries have actually been discounting their prices to the point that it was below the market value according to McTeague, who says "the party is over and we're going to see prices start to move up gradually over the next couple of months."
He told AM800's 'The Morning Drive' that the good days are over in terms of where the prices are going.
"Refineries are looking to make a little bit of money," he says. "I think that the party is over and we're going to start to see prices move up gradually over the next couple of months."
McTeague also said that drivers should expect prices to rise to the $1.20-to-$1.30 range this summer due to the new carbon tax, a federal requirement that gas stations pump summer blends of petroleum, and international relations between the United States and China.
As of 10am, GasBuddy.com reports the average price for a litre of regular in the Windsor area was 91.9-cents per litre, up 2.7-cents compared to Thursday.