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.