Gas prices expected to rise again in Waterloo region as war in Iran rages on

Prices have gone up 18 cents a litre. CTV’s Alexandra Holyk finds out why.

If you’re looking for a sign to top up your tank, this is it.

Analysts predict the price of gas will rise again on Saturday and Sunday, as tensions continue to boil over in the Middle East.

On Friday morning, the price at the pump was around $1.46 per litre in Kitchener’s Sportsworld neighbourhood — an 18-cent increase since Tuesday.

“An almost unprecedented increase here in Waterloo region,” said Dan McTeague, president of Canadians for Affordable Energy.

McTeague said he doesn’t expect the price to drop anytime soon, as long as the war in Iran rages on. Earlier this week, Iran announced the closure of the Strait of Hormuz — a vital passageway for 20 per cent of the world’s oil supply.

“There’s a direct connection between what is happening there, disruption of supply, and the price we’re paying at the pumps,” he said.

McTeague also said the pain at the pump will spill into the global economy.

“Pain for truckers, train, pain for transport, but also ultimately pain for even those of us who say we don’t drive or have other means of getting around,” he said. “Everyone is going to have to pay a significant premium.”

The prediction is that it will only get worse as the switch to summer gas takes place on April 15.

“And that usually brings with it an eight to 10-cent net increase,” McTeague said.

As the war rages on, any possible reprieve remains to be seen.

“I don’t see any end in sight unless calmer heads prevail,” said Roger McKnight, chief petroleum analyst at En-Pro International. “I can’t see calmer heads prevailing on either side of this war.”

In the meantime, some drivers say they’re changing their habits and trading in their vehicles to squeeze by.

“I usually put whatever $30 can get me that day,” said Christian Urbina, a student at Conestoga College. “And typically, I’ll try to go on a cheaper day if I can, so going at like 9 p.m. to 10 p.m. at night always helps.”

“I had a BMW, I changed it because you have to pay more for premium (gas) also,” said Harshveer Kandola.

Other drivers say they haven’t given up hope.

“We’ll just have to hope that things come down and we don’t see any more big spikes,” said driver Glen Lindsay.

McTeague urged drivers to fill up Friday night, as he predicts prices will jump again.

“Don’t think about going to a gas station, do it and fill up,” he said. “Because the next few days are likely to see prices rise even more uncomfortably than we’ve seen over the past three or four.”