Gasbuddy.com’s petroleum analyst says inventories of both gasoline and diesel continue to decline, temperatures are warming up and we’re nearing the Victoria Day long weekend which are all factors contributing to new record high prices for fuel.

Patrick De Haan says, “While the increases may start to slow in the days ahead as pump prices catch up to oil, there isn’t much reason to be optimistic that we’ll see a plunge any time soon.”

He describes the increase in gas prices last week as another jolt at the pump. Average retail gasoline prices in Saskatoon have risen 8.5 c/L in the past week, averaging 186.84 c/L Sunday according to GasBuddy’s daily survey of 81 gas outlets in Saskatoon. This compares with the national average that has increased 6.7 c/L in the last week to 197.81 c/L, according to GasBuddy.com.