Gas prices are expected to rise 4¢ to 5¢ a litre at most GTA stations by Friday.
However, a small dip of 2¢ is expected by overnight Wednesday, taking the GTA average to 100.9 cents a litre.
According to Gasbuddy.com’s Dan McTeague, Friday’s rise in gas prices has everything to do with speculation over OPEC cutting oil production.
“Not 13 members, but now, 12 members, as one decided to leave Indonesia this morning, have come to some form of agreement on a slight cutback in production,” McTeague tells Talk Radio AM640.
“The numbers aren’t clear, nor is the actual framework of the agreement,” he says. “Nevertheless, it’s got speculators driving gasoline up about 10, 11 cents a gallon, which with the Canadian exchange rate will likely give us about a 5¢ a litre increase on Friday.”
The oil production cut is the first in eight years in an effort to boost crude prices.
Output at 32.5-million barrels a day will take effect in January.
It’s possible the cutback will have a lasting effect on consumers as oil is used for car fuel, heating and electricity.