Gas price reprieve expected Friday will be short-lived, expert says
Since the start of March, gas prices have climbed by 30 cents, but it looks like relief is on the way, according to one industry analyst.
Dan McTeague, president of Canadians for Affordable Energy, says we can expect gas to drop by 15 cents a litre on Friday.
"Not a great deal because it brings us back to $1.75 a litre, but it's better than where it was going over the past two to three weeks almost without any reprieve," says McTeague.
However, it may be short-lived as Russia's Ukraine invasion continues to pressure oil prices.
McTeague says that coupled with a carbon tax increase on April 1 and low oil supply prices will likely hold around the 1.80 per litre range or higher.
"That's why we could see $130 and $150 oil as reality comes back to markets that there is a fundamental disconnect between supply and demand," McTeague says.
Veronica Mercado, the owner of Chung Chun Rice Dog, says the high price of gas is eating away at her profits.
"They increased the price of the products that they do deliver to us, and we do outsource some products, like things we can't buy from big companies, and sometimes to Toronto to get our products," Mercado says.
"The gas prices are so high right now, so instead of making a profit it is just going towards gas prices."
As gas prices continue to fluctuate, McTeague says the best way to save money at the pumps is to shop around.
CTVNews.ca Top Stories
India's foreign minister reacts to murder charges, claims Canada welcomes criminals
India's Foreign Affairs Minister accused Canada of welcoming criminals from his country in response to the RCMP's recent arrests in a homicide that has roiled tensions between the two countries.
BREAKING 15-year-old boy stabbed in Ottawa on Thursday dies
A 15-year old boy who was critically injured after a stabbing in Nepean on Thursday has died of his injuries, Ottawa's English public school board said Sunday.
Dash cam catches moment suspected drunk driver hits parked car, sends it careening into North Shore flower shop
Police say it’s fortunate no one was injured or killed in a collision at North Vancouver’s Park and Tilford shopping centre Saturday evening that sent one vehicle careening into a flower shop and another into a set of concrete barriers outside a Winners store.
'A tiny city:' Pro-Palestinian campus protesters organize for another week
Pro-Palestinian activists have set up tents at universities in Toronto, Ottawa, Vancouver and Montreal, following a wave of similar protests at campuses in the United States linked to the Israel-Hamas war.
Lawsuit against Meta asks if Facebook users have right to control their feeds using external tools
Do social media users have the right to control what they see — or don't see — on their feeds?
Princess Anne lays wreath at Battle of Atlantic ceremony; honours late Queen
Princess Anne saluted Canadian veterans and current forces members today during a ceremony at British Columbia's legislature cenotaph commemorating the Second World War's Battle of the Atlantic.
El Nino weakening doesn't mean cooler temperatures this summer, forecasters say
As Canadians brace themselves for summer temperatures, forecasters say a weakening El Nino cycle doesn’t mean relief from the heat.
As storms moves across Texas, 1 child dies after being swept away in floodwaters
A child in Texas died Sunday after being swept away in floodwaters as storms swept across the state.
Nylander defends Leafs' core after playoff exit, Toronto again picks up the pieces
The Maple Leafs battled back from a 3-1 series deficit against the Boston Bruins with consecutive 2-1 victories - including one that required extra time - in their first-round playoff series to push the club's Original Six rival to the limit before suffering a devastating Game 7 overtime loss.