With April and its drop in gas prices fast approaching, gas prices could still be on the move before a couple changes come into place on April 1.
On April 1, we will see the end of the provincial fuel tax (as long as the price of oil stays over $90 a barrel), along with the Carbon Tax increase. The removal of the fuel tax will drop the ongoing gas price by 13 cents, but with the increase of the Carbon Tax it will bring it back up by 2.2 cents.
But before April 1, according to Patrick De Haan, Head of Petroleum Analysis at Gas Buddy says we could see things jump up.
“There is that possibility that some stations may pass along the higher price. The wholesale price of gasoline jumped significantly yesterday. And so that is certainly the possibility that we do see prices go up as we approach the weekend and as we approach April 1.”
Diesel prices have already seemed to make the jump closer to the $2 range.
“A lot of it is because the price of diesel in the wholesale market has taken a huge leap up. Diesel inventories are extremely tight. The price of diesel is about 10 cents a litre higher on the wholesale market.”
De Haan says a barrel of oil today costs around $112.
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