Gas prices in Ottawa rise by 20 cents over four days
Posted Oct 28, 2022 02:52:00 PM.
Drivers in Ottawa continue to feel the pinch at the pumps as the price for gas climbs toward the $2-a-litre mark.
Roger McKnight, chief petroleum analyst at En-Pro International, told CityNews that the price of gas is expected to rise another four cents on Saturday, Oct. 29 to $1.809/litre at most Ottawa gas stations — a price not seen since August.
THE PRICES KEEP GOING UP…
Gas to go up tomorrow, Saturday, October 29
BY 4 cents:
GTA, KW, Ottawa 1.809#gasprices @RichardCityNews @enpro_energy
— Roger McKnight (@RogerMcKnight) October 28, 2022
With the latest increase, gas prices will have gone up by 20 cents over four days, from Wednesday, Oct. 26 to Saturday, Oct. 29.
Back in June, the price at the pumps in Ottawa hit a record $2.159 a litre. The price then fell to $1.439 a litre in September — the lowest since January.
Gas prices have been rising in sync with commodity market prices this week.
Wholesale refined gasoline jumped 12 per cent in reaction to what’s being described as a gasoline shortage on the U.S. Eastern Seaboard, which affects the local market.
Bloomberg reports gasoline supplies in the New York area are 25 per cent below comparable levels last year.
The increase at the pumps comes as ExxonMobil reported a net profit of $19.7 billion in its third quarter on Friday, Oct. 28 its highest profit in its 152-year history, as a result of sky-high profit margins on every litre sold and rising natural gas prices.
