Gas prices are shooting up in Saskatoon.
The average price per litre has jumped more than 10 cents over the last 24 hours, according to GasBuddy.com.
Prices at some stations in the city are listed at 124.9 cents per litre and the average price across the city is listed at 120. Tuesday’s average was 108.5 per litre.
The spike comes after a malfunction damaged a key crude unit at BP’s refinery in Whiting, Indiana. The plant is currently operating at less than half of its 413,000-barrel-per-day capacity.
“There’s not enough actual gasoline to go around, and that’s causing the price to go up due to the laws of supply and demand,” said GasBuddy co-founder Jason Toews.
The partial shutdown at the refinery is expected to last for at least a month and, as a result, gas prices will likely remain high for the rest of the summer. Toews said prices could go up another eight cents a litre as early as next week.
However, there is light at the end of the tunnel for drivers who are fed up with high gas prices. Toews predicts the cost of gas will drop to around 90 cents a litre this winter
--- with files from CTV Regina
