Gas prices the highest since May 2011

TORONTO, Ont. – The price of gas Thursday morning has jumped to its highest level since May 2011.

As was expected, gas prices around the GTA jumped by 2.8 cents to an average price of 136.8 cents a litre.

  • 680News and En-Pro are ready to predict what you’ll see at the pumps at midnight. Check back at :09 and :39 minutes past every hour starting at 2:30 p.m. to stay one step ahead of the oil companies.

Some analysts believe this spike is the beginning of a run on gas prices that could see drivers paying $1.45 a litre by the end of April.

“The price … should drop two-tenths of a cent, it shouldn’t be going up 2.8 cents a litre,” Roger McKnight, a senior petroleum analyst for En-Pro, said.

The United States government announced Wednesday that crude oil supplies grew by 2.1 per cent last week. Gasoline supplies dropped by 1.6 per cent to 223.4 million barrels — that’s nearly three per cent above the level a year ago. Demand for gas has dropped by 6.1 per cent from last year.

“What we pay at the pumps is really determined by the price of wholesale gasoline that’s set every day in New York. The last two days wholesale gas has dropped. Oil was down nearly $2 yesterday, yet the price at the pump is going up,” 680News business editor Richard Southern said.

“There’s really little question about it — we’re getting gouged here by the oil companies.”

In 2005, Torontonians were paying $1.04 for gas, in 2010 the highest price rose to $1.12 and in May 2011 the pump price spiked at 139.6 cents per litre.

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