Gasoline prices heading to downward side of roller-coaster

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Gasoline prices heading to downward side of roller-coaster

OTTAWA - Gasoline prices are expected to drop again Friday after a big spike at the pumps earlier this week.

The price-predicting website says the cost of a litre of gasoline will be anywhere from five to seven cents lower after midnight tonight, depending on the region.

Fuel watcher Dan McTeague, who runs the website, says there's no reason for the price volatility other than speculation by wholesalers and a critical lack of refining capacity.

And McTeague says consumers should brace for more price shocks in coming days thanks to continued volatility in Europe and predictions that the U.S. Federal Reserve will move to stimulate the American economy.

Gasoline prices shot up as much as 13 cents in Montreal on Wednesday to a high of $1.53 per litre.

There were smaller price increases elsewhere, including a spike of 3.4 cents a litre in Toronto where prices averaged $1.36.8 cents.

Organizations: U.S. Federal Reserve

Geographic location: OTTAWA, Europe, Montreal Toronto

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Recent comments

  • J Nuchter
    February 05, 2013 - 13:00

    The oil in Canada is ours!!! We do not need to sell it domestically at the world price. Sell our oil to other nations at the world price! In Saudi Arabia, gas goes for 6-10 cents a liter but they export at world price. Boy are some people ripping us off. Way to go Canada. We need mini nuclear fuel cells.... soon! They are already developed, but BIG Oil and Canadian tax revenue would suffer. Raise the price of our trees to export and make up the shortfall !!!