WINNIPEG – A lot of gas stations are boosting their prices to over 90 cents per litre on Thursday.
Gas stations have been trying to compete with Costco, which can afford to take a loss on gas prices because it makes it up when people go in the store.
According to petroleum analyst Dan McTeague of GasBuddy.com, he doesn’t think this hike will last too long.
“In the past 24 hours, there’s been yet another decrease in the wholesale price of gasoline by about a penny,” says McTeague. “Some [prices] will go up, some will stay there temporarily but I think a lot more by the weekend will be right back down to where we are – 82, 83 or 84 cents a litre at the most.”
McTeague says it is simply unrealistic for a gas station to operate with prices under 84 cents a litre for long stretches.