By CHAT News Today

Gas prices begin rising in city

Mar 30, 2017 | 12:25 PM

MEDICINE HAT, AB — If you want your next fill-up to hit your wallet a little less, you’re going to have to do it quickly.

A number of gas stations in Medicine Hat have raised their prices to 105.9 cents per litre on Thursday.

The cheapest fuel in the city as of Thursday morning was the Husky stations on 15th Street SW and Strachan Road, and the Petro-Canada on Carry Drive. All three stations were sitting at 94.4. Other stations in the city were reported selling fuel at 95.9 and 96.9 cents per litre. Costco had the lowest fuel, at 92.4 cents per litre.

Dan McTeague, senior petroleum analyst with GasBuddy.com says he expects other stations to start raising prices, which could start this evening.

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“What you’re seeing here is a dramatic and sudden spike in wholesale prices for every gas station,” he said over the phone from Oakville, Ontario. “This time last week, they might have been able to buy their gasoline for 88 cents per litre, today it’s 96.

“That really requires that they either throw in the towel or they lose money, and many are choosing now to push up the prices to reflect the realities of the marketplace.”

McTeague adds with summer gas coming into pumps in April, prices will likely remain higher.

“It’s more expensive for companies to make, and so summer gasoline usually brings with it – from April 15 to September 15 – a built-in price increase of about three cents per litre,” he said. “That’s why it’s likely that $1.05, and well over a dollar a litre, is the new normal.”