Gas prices dip overnight, lasting impact on consumers expected

An average of about $7 of savings are expected at the pumps on Friday. In Hamilton, the price of gas is around $1.74 per litre.

Even with the dip in fuel costs we saw overnight, diesel prices are set to have an impact on consumers.

“Of course I am not happy with where they are. However, I appreciate the drop that we’ve gotten recently,” says one man who saved about $4 at the pump Friday morning in Hamilton. “I believe it’s more of a result of what’s happening in the world as to what’s happening here. I will ride it out and at some point I believe it will get back to normal.”

Despite the dip, some people at the pumps Friday say prices are still high.

“I have to fill up anyways, I don’t really keep an eye on it. But I have seen a drastic change in gas prices,” says a woman filling gas early Friday morning in Hamilton. “You take in groceries and now higher gas prices, it’s really affecting a lot of families.”

Experts predict that the high cost of diesel will lead to the price of items like groceries and clothes going up.

The President of the Motor Truck Council of Canada told The Canadian Press that a trip from Toronto to Montreal could cost about $300 more.

Produce, meat and dairy are also expected to see an increase in costs.

Industry groups say retailers can only absorb so much of the increase and will ultimately have to pass off the added cost to consumers.

Gas prices have jumped by about 50 cents since the U.S.-Israel backed attack on Iran on Feb. 28.

An additional increase of about 10 cents is expected on April 15, when pumps switch from Winter to Summer gas.

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