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Gas prices to hit another record-high this weekend, 5-cent jump expected at midnight

Ottawa drivers will want to make sure they fill up the tank on Friday ahead of any weekend road trips with the price at the pumps expected to reach another record high at midnight.
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Ottawa drivers will want to make sure they fill up the tank on Friday ahead of any weekend road trips with the price at the pumps expected to reach another record high at midnight.

Drivers in the city will be paying over $2 a litre for gas. The price is expected to rise four cents at midnight to $2.019/litre at most Ottawa stations, according to Roger McKnight, chief petroleum analyst at En-Pro International.

The demand for refined gasoline has not been able to keep pace with the increased demand of North American exports going overseas, an issue exacerbated by the war in Ukraine. The rising demand can also be attributed to the reopening of the economy following two years of the COVID-19 pandemic.

The latest calculations on American refinery output are at levels not seen since 2014, leading to supply shortages for diesel fuel and an all-time record high on Friday morning for the wholesale unleaded gasoline price in New York.

Analysts expect prices to continue to rise in the coming days. Saturday’s expected jump at the pumps does not even include the recent run-up in market prices. Some experts believe the increases could leave the price around $2.10 per litre by the Victoria Day long weekend.

Earlier this week, Natural Resources Canada pegged the average price across the country for regular gasoline at an all-time high of $1.974/litre. That price was up more than 12 cents from a week ago.

What Ontario party leaders are promising to deal with high gas prices

Early last month, the Ford government announced legislation to temporarily reduce gas and fuel taxes in Ontario. The province says if it is passed, pending results of the June election, the gas tax would be reduced by 5.7 cents per litre for six months beginning on July 1.

The Liberals say they will offer rebates of up to $8,000 for electric vehicles up to retail prices of $65,000 while also incentivizing people to take public transit by slashing all transit fares across the province to $1 per ride until January 2024.

The NDP tabled a bill in March that would require the Ontario Energy Board to regulate the retail price and wholesale mark-up of petroleum products in Ontario.

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