CALGARY — A gasoline price spike is to be expected around this time of year as refineries prepare for the summer driving season, but there are some factors making this year’s pre-Victoria Day bump more painful than usual.
The national average was above $1.37 per litre on Wednesday, according to price-tracking website GasBuddy.com — a big jump from last year’s $1.23.
It is the second time George Osborne has scrapped the fuel duty in the last six months. The Chancellor cancelled a similar 3p rise in petrol prices – due to have taken effect in January – in his Autumn Statement in December.
Osborne was under enormous pressure to scrap the duty after official figures yesterday blamed higher prices at petrol pumps for a rise in inflation to 2.8 per cent.
Inflation has remained stubbornly above the 2 per cent inflation target of the Bank of England. And economists warning inflation could hit 3.5 per cent by the summer.
Electro-Motive Diesel, the world’s largest diesel locomotive manufacturer, has taken delivery of the first of four specially designed liquefied natural gas (LNG) tenders ultimately destined for use on the Canadian National railroad.
The remaining tenders, each equipped with a fuel tank capable of carrying 45,500 litres of LNG, are due to be delivered before the end of June, according to specialist industry publication “Railway Age”.
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Being frugal has been a growing trend and for good reason. Whether it be out of necessity, fear or wisdom we have certainly seen a shift into spending less in America. This trend is likely to continue for the foreseeable future.
Traditionally, gas prices have risen in the spring and peaked during the high-demand summer months. Last year, though, prices spiked starting in February and reached their highs in early May, before declining slightly in summer. Has a new seasonal pattern been established? The only real “pattern” here seems to be the absence of one that motorists can predictably rely on. Gas prices usually fall in February. But prices at the pump rose in February 2012, and did so again in February 2013.