By Laine Mitchell (Twitter: @Laine_Mitchell)

Drayton Valley gas prices balloon to as high as $1.36 per litre

Jul 5, 2018 | 4:39 PM

A jump at the pump has hit Drayton Valley after surging in areas around Edmonton earlier in the week. 

As of Thursday stations around Drayton Valley were selling a litre of gas for nearly $1.37 per litre. That’s a jump of 12 cents per litre compared to prices earlier in the week. 

“Its caught a lot of people off guard,” GasBuddy.com senior petroleum analyst Dan McTeague said.

McTeague said over the past week many gas stations had to absorb a price increase, and didn’t pass it on to the motorist due to competition. That resistance has since passed, and prices are now shooting up.

The price of U.S. crude oil has also reached a three-and-a-half year high, with the U.S. benchmark briefly passing $75 a barrel.

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However the Canadian dollar remains weak as the average value for the Canadian dollar on Thursday was 76.12 cents US.

Prices across the province are expected to be sitting at 40 cents a litre higher than they were at the same time last year.

Drayton Valley has not seen gas prices in the $1.37 to $1.40 per litre mark since October of 2014.

McTeague added that motorists should see a correction on the prices by 3-4 cents a litre due to the Suncor refinery in Edmonton coming back online, with current prices being “the high water mark for now.”