Gas prices are bouncing around in London this week – but a drop is expected just in time for the weekend. Prices at the pump hit their highest in the last year in Canada just this past week, averaging 173.9/L on Tuesday according to CAA. In London, the average fuel price on Thursday clocked in at roughly 172.9/L. When CTV London interviewed commuters at the pumps on March 4, many were shocked to be paying more than 143.9/L. Experts with GasBuddy.com believe that prices will reach levels not seen since 2022 in the coming weeks, with diesel surging to multi-year highs. Rising fuel costs have caused trucking companies to warn of trickle down increases across multiple sectors, as the cost of diesel can make up about 30 per cent of overall transportation expenses. According to GasWizard.ca, prices are forecast to fall roughly eight cents overnight into Friday – bringing the cost of regular gas in London back down to around 164.9 cents per litre. The back-and-forth reflects broader volatility across Canada, where prices have been reacting quickly to developments tied to the ongoing conflict in the Middle East. Roger McKnight, chief petroleum analyst at En-Pro International Inc., has said prices at the pump were expected to drop about five cents Friday – aligning closely with the projected decrease for Windsor. Still, there’s little certainty about what comes next. - with files from CTV Windsor’s Travis Fortnum, CTV’s John Vennavally-Rao
