2024-02-13 05:00:00
Despite the drop in the price of oil on the markets, some Quebec motorists took the plunge when they saw the price jump by more than 5 to 10 cents per liter in certain places during the weekend.
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In certain places in Quebec, the price of gasoline jumped by several cents per liter on Sunday and Monday, while crude oil prices on the market continue to fall.
When such a situation arises, the usual suspects are the refineries. But not in this case, experts explain.
“In the Quebec region and on the South Shore of Montreal, we saw prices of up to 166 cents per liter, while a few days ago the price was around 155 cents per liter. But refinery margins are between 8 and 14 cents in Quebec, and this morning in Montreal we have a margin of around 7 cents, which is very reasonable,” says Nicolas Ryan, director of public affairs at CAA-Quebec.
“Gas stations right now want to go for an additional retail margin of about three cents more, unhappy with the current 8 cents,” explains Dan McTeague, gas price analyst and president of Canadians for Affordable. Energy. “Otherwise, gasoline prices would be around 163 cents per liter, not 167 cents,” he adds.
The expert recalls that despite the drop in crude prices on the markets, it takes two or three days before this is reflected at the pump.
You have to shop
“It’s the market that dictates whether retailers will be able to take bigger margins,” recalls Nicolas Ryan. “My colleague went shopping this afternoon in Quebec, she saw a station at $1.69 per liter, and right next to it at $1.59. And Costco, not far away, was $1.47 per liter. That’s 22 cents difference! What we tell people is if you have the chance, shop around. The station that sells at $1.69 will not be able to continue selling at that price for very long. But in some places, people don’t shop,” he explains.
The myth of the weekend
“It may seem like a shock, but basically, there are several gas stations that have increased by a penny or two cents every day for the past few days, and other stations have just waited and suddenly catch up,” notes Nicolas Ryan.
Interestingly, the increase in recent days occurred at the end of the weekend, not at the start of the weekend, as motorists are accustomed to. But it is more of an urban legend than a reality, recalls the CAA spokesperson.
“Rises on Friday are a myth that we have already debunked. The correlation really isn’t always there. The reality is that half the time it goes up and half the time it goes down, before the weekend.”
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