Calgary gas prices expected to jump ahead of weekend

If there’s room in the tank, it might be a good idea to fill it up.

Gas prices are expected to continue to spike heading into the weekend.

Gas Buddy pegs the average price to fill up in Calgary at $1.36/L, while Gas Wizard is predicting a possible rise to $1.45/L by this afternoon.

Roger McKnight, the chief petroleum analyst with En-Pro International, says prices typically go up this time of year because it’s refinery maintenance season, but right now we’re seeing a double whammy with an unplanned shutdown of one of the largest refineries in Indiana.

“The refinery that’s in question is one in the Chicago area as it’s gone down and it’s 440,000 barrels a day and it imports 270,000 barrels of Western Canadian Select,” he explained. “It’s the sixth largest refinery in the United States and the largest refinery in the U.S. Midwest and it depends on Western Canadian Select as an input source for refining into gasoline and diesel.

“So, that will drive what we call the wholesale or rack prices up in the Chicago area, that drives the prices in Minneapolis up and Edmonton and the prairie wholesale and pump prices really follow what happens in Minneapolis.”

McKnight says that’s going to be down for at least a month and with a supply problem, wholesale prices are going to jump, adding drivers will likely see high wholesale prices for at least the next six weeks, he said.

It’s not altogether unusual for gas prices to wax and wane, but Albertans are feeling frustrated this go around, especially as costs have increased following a partial reintroduction of the provincial gas tax.

Originally paused in 2022 as an affordability measure, the UCP returned the tax to pumps on Jan. 1, but only to nine cents per litre, less than the 13 cents per litre paid before the pause.

The tax rate is based on the price of oil — when West Texas Intermediate averages US$80 per barrel, the tax will go down or be paused entirely.

Prices have gone through waves over the last five years — the most expensive price to fill up in Calgary were back in June 2022, when it hit $1.90.

The cheapest price in recent memory was during the beginning of the pandemic, when gas was $0.61/L in April 2020.

It could always be worse though — the average price to fill up in Victoria right now is $1.66/L, while Vancouver is $1.70/L.

An update on Alberta’s fuel tax is expected this spring.

Stay up to date on Calgary gas prices using the CityNews gas price tracker and listening to CityNews660 for updates at 6:39 a.m., 12:39 p.m., and 5:39 p.m.

-With files from The Canadian Press