Gas Prices To Rise 13 Cents By FridayThursday September 11, 2008
CityNews.ca Staff
It may be the biggest one day price hike in Toronto since Hurricane Katrina in 2005. And it's coming to a gas pump near you on Friday.
Gas guru Dan McTeague is warning the price of gas is going to rise almost 13 cents at midnight, a huge hike that will see a litre of regular selling for $1.36.6, one of the highest prices ever seen in the GTA.
It all comes as the cost of a fill-up had just begun to settle down, with the average cost for a squirt of regular hovering around the $1.23 range.
McTeague, whose predictions have been uncannily accurate, blames it on the panic over Hurricane Ike as it heads toward the U.S. Gulf states. Many refineries in the area have been abandoned for the duration and the oil producing rigs shut down. Speculators are also taking advantage and the costs are being passed on to you, an increase the veteran watchdog says is unconscionable.
It's not clear how long this latest spike will last but this shock to the tank is even higher than Katrina's effects at its peak. Gas in September 2005 rose to about $1.28 a litre in the GTA in one week when the production facilities were affected.
They've gone higher than that since and there's no way of knowing when they'll come down to more reasonable levels.
Your best bet: fill up now or pay the price for waiting.
