Gas prices took an 18-cent jump to $1.579 per litre at some Greater Victoria stations Tuesday. It could stay at that price for the next week to 10 days before dropping, said Dan McTeague, a Toronto-based gas and energy expert.
“I was actually waiting for the delayed reaction to finally kick in,” he said of Tuesday’s increase. “These prices had gone up some time ago from the wholesale side for gas bars.
“I guess all good things must come to an end.”
McTeague said the timing of the increase was interesting.
“At least they waited until after the Thanksgiving long weekend to raise prices, thereby again putting another nail in the coffin of those who believe it just happens before the long weekend on the Friday.”
McTeague said the increase is a reflection of wholesale gas prices having moved up by about seven cents a litre in the past couple of weeks. He said that right now the wholesale price of gas is about 98 cents a litre for stations and taxes bring that up to about $1.44 a litre, meaning the previous price of $1.399 was below cost.
“Sooner or later, someone had to come up for air, throw in the towel, get back to reality.”