Gasoline prices rose in many parts of Canada overnight but nowhere as high as in the Montreal area, where prices hit a near all-time high of $1.53 per litre at some stations -- an overnight increase of 13 cents.

Since the beginning of the summer, prices in Montreal have gone up 20 cents per litre. And one year ago today, gas was selling for around $1.35 per litre in Montreal, a difference of 17.5 cents per litre.

With the price of a barrel of oil at $97, many consumers are questioning the cause of the price hike.

However, one expert told CTV Montreal that prices at the pumps would be even higher if it wasn’t for the high loonie.

“If it was not for the fact that the Canadian dollar is doing so well, currently we would probably be at $1.60,” said Carol Montreuil of the Canadian Petroleum Products Institute.

Others say that the jump in gas prices is an example of oil companies taking advantage of Canadian consumers.

“I think overall many of the oil companies are trying to take as much profit as possible,” said McGill University management professor Karl Moore. “That’s what shareholders are looking for.”

Some drivers said if gas prices do not drop soon, they’ll have to look at alternatives to driving.

“I’m going to try and carpool or something because I can’t take this (car) every day to work at this rate,” said one woman filling up at a Montreal area gas station.

The website TomorrowsGasPricesToday.com, which is run by fuel price watcher and former Liberal MP Dan McTeague, called the increase “absurd and unjustified.”

“Increases of this magnitude would suggest a major international event or supply disruption, neither of which can be considered since they have already been factored in over the last few weeks (ex: hurricane Isaac)," said a statement on the site Wednesday morning.

Hurricane Isaac tore across the Gulf Coast in late August, forcing nearby oil refineries to suspend production. At the height of the storm 1.3 million barrels per day of oil production was halted.

The pause caused gas prices to spike briefly but those costs appeared to have levelled off once the storm fizzled out and platforms resumed regular production.

Speaking with CTV News Channel, McTeague questioned the notion that Isaac had anything to do with the recent jump in gas prices.

He noted that benchmark crude prices in the U.S. are sitting at about 78 cents a litre. By comparison, oil prices in Canada are at about 90 cents a litre.

“There’s a 12 cent premium being tacked on. It doesn’t matter where you are across the country,” said McTeague, adding that there is no apparent reason for the price difference considering Hurricane Isaac occurred several weeks ago.

Spokesperson Cedric Essiminy for CAA-Quebec suspects profit-taking is at play.

“It’s not because the price of gasoline is going up, that the retailers have an excuse to take more than they should take,” he said. “When they’re charging you $1.53, that’s too much.”

Essiminy suggested that a more realistic price would be $1.49 for the Montreal region.

Some Montreal drivers travelled to other neighbourhoods for prices as low as $1.40 on Wednesday. The less drastic gas-price hike in Toronto also prompted long lineups at some gas stations.

Business News Network Michael Kane said he expects that prices at the pump will soon moderate.

He pointed out that hurricaneIsaac had forced part of the U.S. oil industry to draw on supplies in Cushing, Okla., drawing supplies down by five million barrels.

“Today’s inventory report was expected to see a further drawdown of three million and that didn’t happen. It was a surprise build of two million,” he said. “So that has the effect of driving the price down after we’ve seen…those huge jumps at the pump.”

Gas prices by region

Another gas price-tracking website, GasBuddy.com, said the average price per litre in Montreal was $1.51 on Wednesday, an overnight increase of about nine cents per litre. However Quebec City’s gas prices were relatively flat, holding steady at around $1.39 cents per litre.

In the Toronto area, by comparison, prices were around $1.37 per litre on Wednesday morning, an overnight increase of 3.4 cents per litre.

Vancouver’s prices were up slightly overnight by 0.85 cents per litre, to an average of $1.34.

Calgary’s prices were among the lowest in the country, at $1.18 per litre, an increase of just 1.84 cents per litre.

Winnipeg’s prices were essentially stable overnight at $1.22 per litre, while in Halifax prices were stable at around $1.39 per litre.

Below are the provincial gas price averages for Wednesday afternoon, according to GasBuddy.com (rounded up to the nearest cent):

  • B.C.: $1.30
     
  • Alberta: $1.18
     
  • Saskatchewan: $1.25
     
  • Manitoba: $1.22
     
  • Ontario: $1.34
     
  • Quebec: $1.44
     
  • New Brunswick: $1.32
     
  • Nova Scotia: $1.40
     
  • P.E.I.: $1.29
     
  • Newfoundland: $1.35

With files from CTV Montreal’s Rob Lurie