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Londoners will see petrol prices fall by 5 cents overnight but rise by 10 cents by the May long weekend – London

The price of gas over the past few months has seen a turbulent climb to highs, and the price is expected to rise further as we enter the summer months.

After climbing seven cents per liter on Tuesday night, experts say it is expected to drop five cents on Wednesday night, which would put the average price at around $1.78.9 in London, Ont., Thursday morning.

But Dan McTeague, president of Canadians for Affordable Energy, told Global News that soon $1.90 a liter will be the new reality.

McTeague said people should expect an increase of at least 10 cents from current figures for the May long weekend and through the summer months.

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“The Biden administration has decided to release emergency oil reserves – not a very smart thing to do. It sends a signal to growers that they shouldn’t be producing because you’re just going to flood the market,” McTeague said.

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He notes that certain factors have led to the recent increases, some of which can be attributed to oil companies switching to their summer blend, but McTeague notes that the value of the Canadian dollar also has a big impact on gasoline prices.

Other factors such as possible hurricanes on the Gulf Coast and United Station could push prices up to $2 a liter, McTeague said.

What could help, McTeague said, is if the federal and provincial governments cut fuel taxes, which could result in a combined savings of 19 cents per litre.

Still, he said an important factor is the value of the Canadian dollar, as prices are set in US dollars.

Gasoline prices rose 39.8% from a year ago, pushing inflation up to 6.7% in March. That’s up from 5.7% in February and marks the biggest year-over-year increase since January 1991.

— with files by Natalie Lovie

© 2022 Global News, a division of Corus Entertainment Inc.