Another gas price hike before the weekend?

There are reports that gas prices in the area may jump another eight cents on Friday, a price jump of approximately 16 cents since the beginning of the week. 

On Thursday, gas prices in Airdrie hovered between $1.349 to $1.369 per litre for regular gas, which was already several cents higher than at the beginning of the week. 

According to the website Gas Wizard, gas prices on Friday in Calgary and the surrounding areas may jump as high as $1.449 for regular gas. 

Gas Wizard provided predictions for gas prices across the country for Friday, Febnurary 9. (Graphic credit to Gas Wizard) 

This is the second possible price hike at the pumps this week. On Tuesday, Gas Wizard predicted that there would be an estimated 11 cent hike mid-week.

Gas Wizard provided a graph showing Calgary's past and possible future gas prices. (Graphic credit to Gas Wizard) 

While many Albertans will not be enthused by the price hikes, when compared to gas prices across Canada, Alertans still pay much less than their counterparts in Vancouver or in Ontario. However, residents of Winnipeg appear to be paying the least for gas, with prices hovering at $1.33. 

In late December, the province announced that there would be a partial reinstatement of the provincial fuel tax. As of January 1, the fuel tax would add 9 cents per litre to gasoline and diesel.

President of Treasury Board and Minister of Finance Nate Horner, previously stated that despite that tax being reintroduced, Albertans would continue to save four cents per litre on gas and diesel in the first three months of 2024.

"After that, Albertans will save some or all of the provincial fuel tax when WTI [West Texas Intermediary] prices average $80 per barrel or higher in each quarterly review period."

Minister Horner added that Alberta’s fuel tax is a predictable source of provincial revenue, helping to offset the volatility of other revenue sources.

"As a stable component of Alberta’s revenue mix, the fuel tax helps fund programs and services Albertans rely on while maintaining our significant tax advantage. The fuel tax relief program ensures we’re able to maintain strength in Alberta’s finances while continuing to support Albertans and Alberta businesses."

An update is expected before the next quarter ends on March 31, 2024.

Province-wide, on Thursday, the cheapest gas in Alberta appeared to be north of Airdrie, in Edmonton, where it was reported that some gas stations were charging $1,13 for regular gas.

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