If you watch the markets, you may have noticed oil started trading at over 80 dollars a barrel this week.

GasBuddy.com says despite average retail gasoline prices in Saskatoon having fallen 0.7 cents per litre in the last week, more significant jumps at the pump are likely coming.

Patrick De Haan, head of petroleum analysis at Gasbuddy says the real headline happened on the weekend when OPEC members unexpectedly decided to cut over a million barrels per day of oil production which sent oil prices back over $80 per barrel.

He says, “The move to cut oil production ahead of the busiest months for consumption certainly sends a message that OPEC+ countries are aligned in their desire for consumers to pay more.”

De Haan suggests the initial impact to consumers could be 3 to 10 cents per litre at the pump but there could be further developments in the days or weeks ahead that enhance the impact, especially as motorists prepare for the summer driving season.

The average price in Saskatoon for regular unleaded gasoline on Monday was 153.63 c/L.

Areas near Saskatoon and their current gas price climate:
Saskatchewan- 154.80 c/L, up 1.6 c/L from last week’s 153.19 c/L.
Regina- 157.46 c/L, up 2.7 c/L from last week’s 154.71 c/L.
Edmonton- 138.95 c/L, up 12.5 c/L from last week’s 126.43 c/L.