Gas price spike in London and across Canada

Gas prices in the London region jumped about seven cents per litre on April 19, 2023. (CTV News staff)

Gas prices in the London region jumped overnight.

The average price in the city increased about seven cents per litre with most stations now in the $1.63/litre range.

While that is high for this region, some areas in Quebec and New Brunswick are seeing prices as high as $1.81/litre.

President for Canadians for Affordable Energy, Dan McTeauge told CTV News London the increase is entirely due to a switch from winter to summer fuel.

“It’s required by law. Making summer blends are more expensive for refiners as they swap butane for expensive alkylates in the summer from April 15 to Sept. 15.”

According to McTeague some prices will drop by about once cent Thursday and another cent on Friday.

He added, “The only factor that seems to be keeping fuel prices from rising to where they were last year at this time, is what’s in store for U.S. interest rates. The more they rise, the greater the likelihood fuel prices remain or fall.”

McTeague warns that if the chair of the U.S. Federal reserve signals and end to rising interest rates. Prices will snap back easily to the $1.90/litre range.