Gas spikes by 5 cents a litre
Posted Dec 2, 2016 05:32:52 AM.
Last Updated Dec 2, 2016 08:26:32 AM.
This article is more than 5 years old.
As expected, gasoline prices jumped by five cents a litre overnight.
Most stations in Waterloo Region are now selling gas for $1.05 a litre.
Another two cent a litre hike is expected by early Saturday.
Earlier this week, OPEC announced plans to cut its crude-oil production by 1.2-million barrels per day.
On Thursday, oil prices rose another three per cent to sit at just over US$51 a barrel as investors stayed optimistic about the outlook for crude after OPEC agreed to cut production.
January crude contracts rose $1.62 to US$51.06 a barrel, the highest it’s been since mid-October.