Gas stations in Prince George are raising prices once again as drivers get ready for the Family Day long weekend.
The price hike will be in the eight to twelve cents range.
Prince George was at 108.9 for the better part of a month, and now many stations are between 115.9 and 119.9 a litre.
According to Senior Petroleum Analyst with Gasbuddy.com, Dan McTeague told My PG Now this is all part of raising retail margins for gas stations.
However, the price hike will be short-lived.
“The dollar-seven or dollar eight-point-nine cent range we had become accustomed to will now be in the dollar fifteen to dollar twenty range. We will probably see these prices move in that direction for the next couple of days and then of course, they will trickle back down to a dollar seven to the dollar ten range.”
“Obviously retailers have been shaving those ten-cent retail margins for quite some time but when you start seeing wholesale prices increase, such that even selling gasoline for the cost in which you’re buying it becomes a losing proposition, sooner or later you’re going to have to raise those prices.”
The prices Prince George drivers have been accustomed to seeing over the past month may soon become a thing of the past as the price of oil may see a spike coming the spring.
“Certainly for March and April as we head towards the higher demand seasons when we take a look at the summer, you’re likely going to see a spike in oil prices to about ten dollars a barrel, which means the days of a dollar eight or a dollar five a lite may be few and far between.”
Costco remains the cheapest place to buy gas at 105.9
McTeague says all has been quiet in the world of oil and gas as the sector remained neutral to begin February.