Gas pump prices up 19% from last year - and rising

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According to gas price tracking firm GasBuddy, the average price today for regular unleaded in the country was nearly $1.15 per litre, up 19 per cent from a year ago.

McTeague said he hasn't seen gas prices like this since October 4, 2014.

McTeague says the minimum price will be 121.9 cent/litre by midnight.

The current average price in the area is about 115.9 cents per litre.

However, Roger McKnight, a senior analyst at En-Pro International, told BNN the expected hike in gas prices has nothing to do with summer gas versus winter gas. The summer version is better able to withstand hotter temperatures - otherwise, it would evaporate and cause damage both to vehicles and the environment - and is required to be in place nationally by Saturday.

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"The other reason is of course higher US demand", McTeague said.

McTeague expects prices to begin decreasing in early May.

"This is not something new", he added. Other factors for high gas prices include a weak Canadian dollar, Ontario's carbon tax and a lack of competition from Canadian refineries.

You might want to fill up at the pumps because a pricey hike is on the way. Since almost all industries use gasoline to transport goods, the prices of other items may increase as well, McTeague said.