With the Canada Day long weekend almost here, many of us are already getting ready to go on a mini-vacations throughout the province. However, if you are expecting to do some travelling, waiting to fill up your gas tank until Friday may be a mistake. According to a gas analyst, filling up your tank on Thursday may be the best option as gas prices in Ontario are expected to spike dramatically on Friday.
According to Dan McTeague, a gas analyst, most cities across Ontario, including the GTA and Niagara can expect to see a 3 cent increase on Friday, June 27. If you're pumping in the GTA, you can expect to see the price of gas rise as high as 126.9cts/l for the weekend.
Although, according to GasBuddy, some parts of Toronto are currently pumping gas at around 117cts/l, which means that you may see a slightly lower number than 126.9cts/l depending on the area in which you are pumping.
While Friday is expected to see a three-cent hike in prices across Ontario, McTeague tells Narcity that it won't get much worse. McTeague states that gas prices on Saturday and Sunday won't get any higher than the initial Friday morning spike.
Yet, if you are still looking to fill up your gas tank this long weekend, make sure you do it after work on Thursday to avoid disappointment when prices spike Friday morning.
While it may seem that the price of gas is spiking in Ontario due to the Canada Day long weekend, McTeague states that the price increase isn't actually in correlation to the national holiday. According to McTeague, these hikes in gas prices are related to the recent closure of a Philadelphia refinery.
CNN states that gas prices in the northeast are expected to rise after Philadelphia Energy Solutions, one of the largest oil refineries in the East coast, announced that it would be closing.
This sudden closure takes place after the refinery erupted into a massive fire last week. CNN states that it is hard to tell how long these increases in gas prices will last due to the loss of this refinery.