Gasoline prices heading to downward side of roller-coaster

OTTAWA – Gasoline prices are expected to drop again Friday after a big spike at the pumps earlier this week.

The price-predicting website TomorrowsGasPricesToday.com says the cost of a litre of gasoline will be anywhere from five to seven cents lower after midnight tonight, depending on the region.

Fuel watcher Dan McTeague, who runs the website, says there’s no reason for the price volatility other than speculation by wholesalers and a critical lack of refining capacity.

And McTeague says consumers should brace for more price shocks in coming days thanks to continued volatility in Europe and predictions that the U.S. Federal Reserve will move to stimulate the American economy.

Gasoline prices shot up as much as 13 cents in Montreal on Wednesday to a high of $1.53 per litre.

There were smaller price increases elsewhere, including a spike of 3.4 cents a litre in Toronto where prices averaged $1.36.8 cents.