The brief break at the pumps appears to be coming to and end locally, depending where you fill up.
The prices started to fall in December and falling below $1.00 early in the new year. The price bottomed out yesterday at 94.5 cents a litre at most local gas stations. On average that is about 17 cents lower than this time last year.
Today, about four local retailers have increased the price by 5 cents, now coming in at just under a dollar.
Industry insiders have cautioned that 2019 could be a volatile year at the pumps. Dan McTeague, a senior petroleum analyst at GasBuddy.com said consumers can expect a roller coaster in regards to what consumers pay for the first half of the year. McTeague says “extreme volatility” in oil markets are expected to continue to wreak havoc on gasoline prices in Canada in the early part of 2019.
As of this morning, some local retailers are still selling at around the 94 to 95 cent mark. McDougall Energy that owns the Esso stations, along with Circle K and Canadian Tire jumped prices by 5 cents Thursday morning.
“I think what we’re seeing here where oil prices — and pump prices as a corollary — are going up and down five and 10 per cent in a given week, much of this is really a harbinger of what we’re likely to see in 2019, extreme price movements,” McTeague said.