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Gas Prices Spike As Long Weekend Hits

If a cottage on the lake is in your sights this weekend, there’s something unpleasant you’re going to have to look at first – the number on the gas station marquee.

Fuel prices jumped ten cents a litre overnight across the city, the spike coming on the heels of a recent five-cent increase. It’s typical for a long weekend, and worldwide oil demands are also contributing to the high prices – which are sitting at about $1.09 a litre currently.

“I am a courier, all my money just goes to gas,” complained Ray Salvano.

“I think (the prices) are awful,” he said. “I use my car a lot, I’m self-employed. It is expensive, you know.”

There’s a bit of relief in sight come Sunday, as prices go down about a penny. That’s how much the one percentage point reduction on the Goods and Services Tax, promised by the federal government, will equate to when it takes effect.

It’ll amount to about $0.50 on the average fill-up, but for cab driver Francois Azakol it’ll add up to significant savings.

“We are victims of buying gas every day. We are the ones who are paying the price,” he said. “I’m saving $14 a month. Within 10 months, its gonna be $140. That is good money.”

Since taxi fares won’t reflect that one per cent reduction, some city councillors want to give the difference back to cab drivers to help offset the cost of fuel.

“It’s a tough time to be a cab driver in the city of Toronto,” says Coun. John Fillion. “This is a small thing we can do to make things easier for them.”

Analysts expect prices to remain high for a while, since there’s no indication tension in Mideast oil-producing nations is going away.