Motorists are experiencing sticker shock at the pumps after a big jump in gas prices. The price of a litre of regular shot up from an average 124.9 cents to 131.9 cents -- a 7 cent hike.
According to Dan Mcteague, the Senior Petroleum Analyst at GasBuddy.com, it's not too much of a surprise in the wake of 2 recent events.
He says 2 refineries in Washington State closed down for their springtime maintenance creating a supply shortage. At the same time wholesale prices have also increased:
" The wholesale prices in the past 5 days have gone up about 6 or 7 cents a litre. And that's really what prompted the increase. Retailers that were selling gasoline at 124, were actually having to pay 123 to buy it."
Mcteague adds most people use credit cards to pay for their gas, which also adds to operating costs for gas stations. He doesn't see prices dropping anytime soon.