Gas prices could be going up soon in the area.
On Thursday (January 11) morning, the cost of fuel for consumers was 105.9 cents per litre. Local stations were purchasing the fuel for 103.8, meaning they're only making about two cents on the litre.
"I would expect prices are going to have to move up," said GasBuddy senior petroleum analyst, Dan McTeague. "You're not going to be able to make ends meet with current prices, that's barely enough to honour a credit card."
In the cost of fuel right now, the wholesale purchasing price is 69 cents per litre. Add into that 10 cents for the federal tax, 13 cents for provincial tax, 6.73 cents for the carbon tax and multiply by five to account for GST. The grand total is 103.77 cents per litre.
"If you're selling under $1.07 or $1.08 today, you've got to find a way to cross-subsidize that loss... sometimes it could be diesel or premium gas price differentials."
The normal profit margin is about four to five cents per litre.