Gas prices in K-W top 150-cent mark

It was a nasty shock for some drivers filling up Friday.

Gas prices have been on a steady climb for weeks, but a two cent jump overnight pushed some stations in Kitchener-Waterloo above 150 cents per litre Friday.

"Monthly I’d probably say I’m paying $200 to $300," said one motorist refueling near the corner of Weber and Union in Waterloo. "It’s a lot. I've got two little kids at home and I've got to put food on the table as well."

This chart from Gas Buddy indicates the price of gas in Kitchener-Waterloo is at a 10-year high. (Gasbuddy.com)

Meanwhile the price jump isn't just bad for consumers. Gas station owners, who earn just pennies on the dollar for every litre they sell, are also feeling the pinch.

Higher prices mean fewer people stopping and buying less gas per stop when they do.

"On average you’re going to see probably at least 6,000 to 7,000 litres less (in sales) per day," said Moni Patel, co-owner of a local Ultra Mar gas station.

Patel says they earn two to three cents per litre of gas and rely on sales from inside the store to make a profit. 

"We're barely paying our credit and debit card fees with what we make off of gas," she said.

In the Greater Toronto Area, prices were expected to hit 151.9 cents per litre Friday, surpassing the 150-cent mark for the first time, according to Dan McTeague of the website gaswizard.ca.

Another increase – and a new price record – is expected Saturday.

"It's getting harder and harder to afford to have a vehicle these days," said another driver at the pumps in Waterloo. "I'll probably have to get rid of my vehicle soon or later."

With files from CTV Toronto