After long weekend gas prices being lower than expected most gas stations have cranked up the price to 138.9 per litre.

Dan McTeague a Senior Petroleum Analyst for Gas Buddy said this jump at the pumps isn't surprising.  

"So what we are looking at is $124.4, interesting those prices took place throughout the entire long weekend, most gas stations had to pay $1.25 to replace the gasoline they were selling for a $1.24. So what has happened here is retail margins have increased twelve cents a litre which is what we expected to happen."

The price increase on fuel was first noticed at stations in Edmonton and in Calgary. 

"The phenomenon took place pretty much across the entire part of western Canada and so we are now seeing restoration what would otherwise be normal prices considering how high wholesale prices have gone."  

Wholesale prices have risen due to the nine dollar a barrel increase in oil over the past 10 days. 

As of yesterday, oil finished at 74.14 for West Texas Intermediate but in Canada, Western Canadian Select Oil continues to be offered at a discount ranging from 47-48 dollars a barrel. 

Gas is expected to begin to fall close to the weekend. 

"I am thinking you will start to see retailers begin to shred those margins by the weekend, you can be back down five or six cents a litre."

 

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