Prices jump 8 cents a litre for some stations overnight

By Brian Konrad

Price tickles $1.80 a litre

OPEC to pump more oil; motorists paying more at the pump again

Jun 2, 2022 | 8:21 AM

MEDICINE HAT, AB — Gasoline prices at some city stations are up 8 cents a litre this morning with regular priced at $1.79.9

The increase comes as OPEC members have decided to raise oil production by 648,000 barrels per day in July and August.

That’s modest relief for a global economy suffering from soaring energy prices and resulting inflation.

The decision Thursday steps up the pace by the alliance, known as OPEC+, in restoring cuts made during the worst of the pandemic recession.

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The group had been adding a steady 432,000 barrels per day each month to gradually restore production cuts from 2020.

The move to increase production faster than planned comes as rising crude prices have pushed gasoline to a record high in the U.S.