Just late last week...commodities on worldwide markets, including oil, took a hit on the stock markets. This resulted in the price of gas going down at stations in the GTA (Greater Toronto Area).
The two decreases last week were welcome as prices were just shy of $1.39 a litre...an all-time high price in this area. However, between the two decreases, the price only went as low as ~$1.33 per litre and it took two reductions for that low to be reached.
Fast forward to today...the ever volatile commodities trading on those same worldwide markets saw a sharp increase in just one single day...again including oil futures.
As a result, consumers here in the GTA will be treated to a 6.5 cent/litre increase as of midnight tonight. So now we will be back up shy of $1.40 per litre...all in one day.
I don't necessarily need to go on about how the oil companies in Canada manage the price of gas...but this is absolutely crazy and somebody needs to do something about allowing increases of this size to happen when you never ever get similar sized decreases in the price when the opposite effect occurs.
And yet, we will not abandon our cars and, as Canadians, will simply accept this practice.
Any opinions...leave them in the comments section!
Update: May 10..5:00PM EDT--just got word that effective midnight tonight, gas prices in the GTA are going up another 1.5 cents/litre...8 cents in the last two days! Outrageous!
Update: May 11..5:00PM EDT--somebody is listening or this is a major PR move...effective midnight tonight (May 11), gas prices for regular in the GTA go down a whopping 6.2 cents/litre--though the gas companies still squeezed over 1 cent per litre increase in relation to the price at the beginning of the week...so the strategy appears to be raise by a lot...lower by not as much...then nobody notices the extra cash and thinks they are getting a "bargain!"
Update: May 13...4:00PM EDT---so last night at midnight there was another small decrease of just over 1 cent per litre in the price of gas in the GTA. So the price now sits today below the price at the beginning of the week, but just barely...in the next few minutes we will hear the official price for the weekend...will it go back up just in time for that...I'll keep you posted!