You might want to gas up today.
Gasbuddy.com has issued a warning – get ready for a big jump at the pump.
Senior analyst Dan McTeague notes that wholesale prices have gone up a nickel in the past 2 days.
“That would mean that any gas station is buying gas for about a buck-a-litre today so it’s quite likely that within the next 24 hours, maybe even today, but more than likely by Monday or Tuesday you’ll see prices increase.”
McTeague blames a U.S. report about a decrease in oil supply, prompting speculation.
But he says as quickly as the prices will rise, they’ll go down again next week.
“Once you see the increase, as quickly as it goes up you’ll start to see some retailers shaving those margins back back down, likely by this time next week.”
He says the increase and then decrease is expected from Ontario to Vancouver Island.