Gas prices climb 10 cents a litre overnight in K-W

The average cost of regular gas has gone up by as much as 10 cents per litre overnight in Kitchener-Waterloo and experts expect it could go even higher.

As of Thursday afternoon, gas prices are the highest they have been since November and that’s the case across Ontario.

At a Petro Canada at Weber Street and Bridgeport Road in Waterloo, it cost $1.51 per litre of regular gas on Wednesday. On Thursday it is $1.61 for the same amount of gas at the same location.

“They’re ridiculous,” said driver Katelyn Lassel. “Last week we topped up around $60. I’m already at $60 and it’s still going.”

Gas expert Dan McTeague attributes the price hike to a nearly nine-year low in U.S. fuel supply for this time of year.

He said the upcoming summer driving season brings higher demand for gas.

The Victoria Day long weekend is behind us in Canada, but in the states, Memorial Day weekend is this week and demand for fuel south of the border is having an impact on Canadian gas prices.

If you’re driving a larger vehicle, expect to pay even more.

“An average for this bus daily is about $120 a day. That’s not empty though, that about a third of a tank,” said Morris Melanson, a bus driver.

McTeague believes prices could rise or fall by the end of the week, but it all comes down to the negotiations in the United States to raise the country’s national debt ceiling.

McTeague predicts we should have an answer on negotiations as early as next week and the result could spark upwards of a 20 cent jump in prices.

“Were in a holding pattern up until tomorrow where we could see prices drop as of Saturday or Sunday, but it all hinges on the U.S. debt ceiling resolution. That’s the only thing that is holding this market from doing a complete tear out because it will go up 20 cents a litre once this is resolved. The fundamentals don’t support prices dropping,” McTeague said.

Not only could the price of gas go up, but McTeague said you may also start noticing a dip in your vehicle’s fuel efficiency, due an increase in ethanol to meet the latest carbon tax standards.

Some are finding alternatives to get around to avoid the pricey gas costs like using an e-scooter.

“I bought the scooter and it’s really saving my time to go a short distance, if you want to go four or five kilometres. Gas rate is going high,” said Jaynisha Babriya.