It was nice while it lasted, but it appears the lower prices at the pumps have come to an abrupt end.
McDougall Energy owned stations in Sault Ste. Marie and Algoma saw regular fuel jump from 82.5 to 94.5 cents a litre Thursday afternoon. McDougall Energy own a number of local gas stations in the market but not all gas stations have followed suit.
Canadian Tire outlets were still posting 81.9 cents as of this publication. Other stations such as Circle K were posting 82.5 cents.
Prices began to dramatically fall in the province in early March as the coronavirus began to take hold . Thousands of people locally, joined millions across the country and stayed home.
Many were laid off and several businesses closed altogether. With less people using their vehicles and with restrictions in place, airlines stopped most of their flights and the demand for fuel reached record lows.
At the same time an over supply of oil globally brought prices down at the pumps to levels not seen in 3 decades. Prices in 1990 averaged 63 cents in Canada. Many communities in Southern Ontario saw prices hover around that mark in March and early April. Prices have nudged up slowly since then until the big jump today.
Prices are predicted to rise over the coming weeks as more of Canada re-opens following weeks of lock down imposed by Federal and Provincial governments. during the covid-19 pandemic.