Gas prices have taken a big nosedive in recent days and dropped even further Friday morning. But drivers are advised to enjoy it now, because petroleum analysts say it likely won’t last long.

In many parts of the country, prices have dropped to their lowest level since mid-March, falling below $1 a litre in many parts of eastern Canada Friday.

But Dan McTeague, senior petroleum analyst from GasBuddy.com, says fill up the tank today, because the low prices won’t last.

“We’re looking possibly at another four cent a litre increase later today and into the weekend,” he told CTV’s Canada AM on Friday morning.

Prices are going to creep up over the weekend in most of eastern Canada because the wholesale gasoline markets are already up seven or eight cents a gallon, and it never takes long for oil companies to pass on those increases to retailers.

As well, global stock markets are recovering this week following a big tumble last Friday and it’s having an effect on oil markets.

“Yesterday’s (Thursday’s) stock market rally – which should have nothing to do with energy markets – drove energy prices up. And as a result, the four cents a litre decrease that we’re seeing in Ontario for instance will be completely erased,” he said.

“By Saturday, you’re going to see prices go right back up.”

McTeague says prices will begin creeping up over the weekend.

“I think today is the day to gas up if you happen to be in eastern Canada. In western Canada, look for prices to continue to drop gently – same thing for British Columbia and the lower B.C. mainland,” he said.

As for what will happen next, McTeague says it’s really anyone’s guess.

He said the gasoline market is likely in a “downward trend,” noting that most refineries are switching over to making winter gas, which is about three cents a litre cheaper than summer gas. There is also an oversupply of oil on the global market and it’s the same for gasoline, which could mean more gas prices in the 90-cent range to come.

But anything, like a hurricane that cripples a refinery and reduces supply, or a drastic change in the value of the loonie, could change things.

“There’s been so much volatility in the market, it’s really a day-to-day analysis that gives your these determinations,” he said.