Gas prices are set to rise overnight but the price at the pumps is expected to dip by the end of the weekend, according to a lobby group that monitors the price at the pumps.
Dan McTeague, the president of Canadians for Affordable Energy, said the price of gas is set to rise by three cents tomorrow, from 181.9 to 184.9 cents per litre.
Diesel, he noted, will jump eight cents per litre.
But by Sunday, he said it appears gas prices could dip by about four or five cents per litre.
“There is a significant amount of short-selling going on,” McTeague told Newstalk 1010 on Friday morning.
“That’s basically a strategy where you come in and bet heavily with a massive amount of money on pushing prices down and defying economic fundamentals 101. Why? We are missing 12.5 million barrels a day. That’s what has been lost as a result of disruptions in the Black Sea, the Red Sea and of course the Strait of Hormuz.”
He noted that the last time the price of oil rose to this level, about $90 a barrel, gas prices were only at about 171 cents a litre in Toronto.
“So you can see they push oil down, but they can’t get diesel, gasoline and jet fuel down,” McTeague said.
