A major hike in gas prices is expected over the next few days.
Roger McKnight, the chief petroleum analyst with En-Pro International Inc., says prices are set to go up five cents at most GTA stations to an average price of 123.9 cents/litre by Friday morning.
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But the sticker shock won’t end there. If the current trend continues, McKnight foresees an increase of nine cents by Saturday, which would put the price at 132.9 cents/litre.
The last time gas prices touched this level was three years ago.
The hikes being attributed to the effects of Hurricane Harvey.
The storm has knocked out significant oil drilling and refining capacity in Texas and the Gulf of Mexico, and on Wednesday, the largest U.S. oil refinery shut down. The operator of a major pipeline carrying fuel to the East Coast said it was running at a reduced rate.
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Colonial Pipeline says it plans to shut down a key line on Thursday. The company didn’t say how long it expects the closure to last, saying it will know more when workers can evaluate its facilities.
McKnight points out that the Colonial pipeline is responsible for sending refined products from the Gulf area north to Eastern Canada.