Now could be a good time to top up your tank.
One gasoline analyst is predicting a five cent per litre price spike at the pumps starting tonight.
Dan McTeague with GasBuddy.com says a large part of the impending hike is due to speculation regarding yesterday’s announcement of an OPEC agreement to cut back on production. “It’s a bit of a market overreaction, because of course today everyone’s sort of catching their breath, really trying to estimate where this thing’s going to go. Right now the jury is out on whether this will be a short-term thing or a long-term realization.”
McTeague says it will be a while before prices begin to dip again. “Safe bet that if you’re passing a gas station, best to fill up today. This could be going on at least for another seven or eight days.”