Try not to look at the price while filling up your vehicle as Airdrie and most of Western Canada were hit with huge increases in fuel prices.

Over the past week, local drivers have seen prices rise from 98.9 cents a litre to 114.9 and now to 127.9 cents. It's the first time since the summer of 2014 that prices have hit that high in Airdrie.

While many might be in shock over the hike, Senior Petroleum Analyst Dan McTeague isn't surprised given a recent 15 cent increase to the wholesale market in Chicago.

"Retailers not only had to reflect that at the pumps because the cost of replacing 98 cent a litre gasoline was in fact now at least a dollar twenty, they added an additional 12 cents a litre, which of course is their retail margin."

McTeague says that demand has been increasing in the fuel market which he continues to stress is priced in American dollars, which contributes to the price change.

Thankfully, McTeague expects that prices will drop to 120 or below in a week's time, but it probably won't drop below the dollar mark anytime soon.

"Although prices will go back down, they may not go back down as low as we want," said McTeague. "The Alberta Government will be introducing the second phase of its carbon tax, up a permanent 2 and a half cents a litre above the 4.47 you're currently paying."

Alberta's average currently sits at 117 cents, but that's expected to rise as many stations are selling above that. As of 2:00pm on November 3rd, the highest recorded price in Alberta was 132.9 cents a litre in Grand Cache.

 

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