Gas prices in Yellowknife set to jump, says industry analyst

Yellowknifers may soon be paying more to fill up at the pumps, as a "perfect storm" is creating conditions for a hike in gas prices, according to an industry analyst.

Dan McTeague, who runs the website Tomorrow's Gas Price Today, says that problems with a refinery in the midwestern United States, compounded with issues with three refineries in Edmonton, mean that drivers in the N.W.T. capital could soon see a gas price jump.

"This impact of this refinery disruption, combined with other refinery issues in the U.S., combined with Edmonton's three refineries that have had undisclosed probelms, could mean a much higher price," said McTeague.

Prices in Edmonton have jumped from $1.02 per litre to $1.19 in the past several days. Yellowknife's gas prices are currently at $1.33 per litre — one of the highest prices in the country for a capital city.

"It's a 50/50 chance you are going to see an increase of five to 10 cents per litre," said McTeague, "but that certainly shouldn't be discounted. Somewhere in the area of five cents a litre in the next week or so."

As far as stocking up before the price hike? McTeague simply suggested that consumers "keep a watchful eye" for the first gas station to increase their prices.

"Because once that goes up to $1.38 or $1.39," he said, "you can bank on the others doing the same thing."