Gas prices to continue climb

Gas prices to continue climb

Gas prices to continue climb

The Canadian average gasoline price has risen above $1.16 per litre ahead of the Labour Day long weekend.

Although Canadian refineries aren't directly impacted by the storm, they're experiencing shortages that are causing fuel prices to skyrocket.

The price at the pump rose Thursday night in Montreal for a second time in three days, reaching an average of almost $1.35 per litre of regular fuel by Friday morning.

Texas-based oil refineries, situated on the Texas Gulf Coast, had to shut down in the wake of Hurricane Harvey, hindering the amount of gas and diesel that could be exported to Canada.

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Five flood rescue teams and two diving teams are also ready to render assistance at different locations across Mumbai , he added. Meanwhile, around 450 personnel of the National Disaster Response Force (NDRF) have been mobilised for deployment in Mumbai .

Dan McTeague, senior petroleum analyst with the price-comparing website GasBuddy.com, says it's a matter of when, not if.

IHS Markit said in a report Friday about 3.6 million barrels per day of Gulf Coast refining capacity or 20 per cent of the USA total is off-line, with a further 1.8 million bpd or 10 per cent operating at reduced rates.

McTeague said service stations in Montreal could take advantage of higher wholesale prices to raise prices and increase profit margins.

"Until we get engineers into the refineries to assess the damage it's all speculation", he said. "With winter coming, winter gas is cheaper, so we should see prices go down a bit, at least back to what people are more used to".

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It can deploy a convoy of temperature-controlled vehicles and trailers that can carry more than 40 animals. The Red Cross allows service animals but pets are not allowed, according to information on its website.

USA benchmark oil prices that fell below US$46 per barrel on Wednesday due to less demand from refineries have recovered to more than US$47 per barrel.

Gas prices in Regina jumped by seven cents a litre earlier this week.

Roger McKnight, senior petroleum analyst with En-Pro International Inc., said he has never seen such a big price increase.

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