Expert anticipates gasoline prices will rise by eight cents per litre Wednesday

Dan McTeague

Dan McTeague, president of Canadians for Affordable Energy, anticipates gasoline prices will rise by eight cents per litre Wednesday. That should place GTA morning (peak) prices for regular-grade gasoline at 172.9 cents per litre.

As for diesel, he anticipates an increase of 11 cents per litre on Wednesday. That should put GTA morning prices at 206.9 cents per litre.

Wednesday increase may be just the start

McTeague worries Wednesday’s price increases may be the start of what’s still to come.

The U.S. Strategic Petroleum Reserve is reaching a critical low as the United States burns through its emergency stockpile. The Wall Street Journal reports the reserve is reaching its breaking point.

At the same time, shipping traffic through the Strait of Hormuz is blockaded by both Iran and the U.S., choking off once again a major oil trade route.

“I think it’s the beginning,” McTeague said.

“We continue to dwindle global supplies while demand is not curbing enough to slow down the drain in supply.”

The 6 p.m. rule: expert tips to save on gas in the GTA

McTeague reminds drivers to wait until the evening to buy gas as stations reduce their profit margins at those times.