Gas prices to rise five cents at midnight
Posted Dec 1, 2016 09:28:31 AM.
This article is more than 5 years old.
OTTAWA — Get ready to pay more for gas; pump prices in the capital are expected to rise by five cents at midnight.
According to En-Pro, Ottawa gas prices are expected to increase to an average of 103.9 cents per litre at most area stations by Friday morning.
“By my calculation, by the closing markets and the loonie and whatnot, it calls for a five-cent increase on Friday at 12:01 a.m.,” said Roger McKnight, chief petroleum analyst, En-Pro. “This will be everything east of Thunder Bay.”
OPEC recently announced a cut in oil production — its first in eight years — sending the price of oil up by more than four dollars on Wednesday.
Analysts say while there could be some short-term shocks before OPEC’s cuts take effect in January, the overall effects on consumers and the economy are expected to be modest and gradual.
Related stories:
OPEC cuts will have a muted effect on consumer
Oil prices surge on OPEC production cut expectations
— with files from The Associated Press
